The Guardian (Nigeria)
Bank posts N3.49b profit as shareholders okay N800m dividend
AMID the harsh operating environment, NOVA Merchant Bank has posted a profit after tax ( PAT) of N3.49 billion in its 2020 operations against N1.65 billion achieved in the corresponding period in 2019.
Shareholders of the bank also approved N800 million total dividend payout for the 2020 financial year.
Reviewing the bank's performance at the 2020 yearly general meeting held at the weekend, the Chairman, Phillips Oduoza, said the bank recorded improved performance in all its key financial indices during the period.
He linked the improvement to the accelerated adoption of digital channels by the bank's customers at the peak of the COVID- 19 pandemic, noting that it provided seamless services to customers within the period.
He pointed out that the bank's profit before tax ( PBT) rose from N1.5 billion to N3.52 billion.
He said: “On behalf of the board and the shareholders, I would like to express gratitude to the management and staff for sustaining the bank’s growth trajectory and delivering sterling results in such difficult times.”
The Managing Director/ Chief Executive Officer, Nath Ude, said the bank took advantage of the opportunities presented by the challenging environment.
“The bank was able to provide seamless services to the customers during the lockdown period while maintaining the necessary COVID- 19 protocols”, he added.