The Nation (Nigeria)

NOVA Merchant Bank shareholde­rs approve N800m dividend

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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.”

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