The Nation (Nigeria)
NOVA Merchant Bank shareholders approve N800m dividend
NOVA Merchant Bank shareholders have approved N800 million dividend payout for the full financial year ended December 31, 2020.
The shareholders gave the approval during the bank’s fourth Annual General Meeting held in Lagos. They also commended the board and management of the bank for its impressive performance over the years.
Speaking during the programme, Chairman, NOVA Merchant Bank, Phillips Oduoza, noted that the bank reported significant improvement in all its key financial parameters in the year under consideration.
He said the bank has continued its growth trajectory notwithstanding the current challenging macro-economic environment.
Specifically, the bank declared a profit after tax of N3.49 billion in 2020, an increase of 112 per cent compared to N1.65 billion recorded in December 2019.
Its gross earnings also rose significantly by 130 per cent while profit before tax increased by 135 per cent from N1.5 billion in 2019 to N3.52 billion in the year under consideration.
Oduoza explained that in the face of the challenges in the macro-economic landscape, the bank was able to turn in very impressive results in the period under consideration.
He said: “On behalf of the board and the shareholders, I will like to express my gratitude to the management and staff for sustaining the Bank’s growth trajectory and delivering sterling results in such difficult times.”