Shareholders Commend NOVA’s Growth Trajectory, Approve N800m Dividend

At the meeting held at the bank’s head office in Lagos recently, shareholders approved the payment of N800m as dividend for the 2020 financial year and urged the Bank to continue the growth trajectory notwithstanding the current challenging macro-economic environment.

While presenting the Bank’s financial performance for the year ended December 31 2020, the Chairman, NOVA Merchant Bank, Mr. Phillips Oduoza, noted that the Bank reported significant improvement in all its key financial parameters in the year under consideration. Specifically, the Bank declared a profit after tax of N3.49bn in 2020, an increase of 112% compared to N1.65bn recorded in December 2019; Gross Earnings also rose significantly by 130% while profit before tax increased by 135% from N1.5bn in 2019 to N3.52bn in the year under consideration.

Commenting on the performance, Oduoza, stated 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.

The managing director/chief executive Officer, Mr Nath Ude, said the Bank took advantage of the opportunities presented by the challenging environment. “The Bank was able to provide seamless services to our customers during the lockdown period while maintaining the necessary COVID-19 protocols. The accelerated adoption of digital channels by customers further demonstrates the appropriateness of our business model and digital banking focus.

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

NCMB Commends Moni Pulp, As Company Empowers 70 Start-ups In A'IbomThe Nigerian Content Development and Monitoring Board (NCDMB) has scored Moni Pulo (Petroleum Development) Limited high on community development and
Source: LeadershipNGA - 🏆 4. / 77 Read more »

Runsewe commends Gov Oyetola on Osun Adire initiative | The Guardian Nigeria News - Nigeria and World NewsDirector General, National Council for Arts and Culture (NCAC) Otunba Segun Runsewe, said the reawakening of cultural fashion by Osun State governor, Gboyega Oyetola, deserves national accolades.
Source: GuardianNigeria - 🏆 1. / 94 Read more »

Bauchi hails vigilante groups' dedication to crime controlThe Bauchi State Government has commended the contributions of members of the vigilante towards protection of lives This should be encouraged and sponsored to fight against the barbaric uneducated ethnic extremists overrunning the nation
Source: MobilePunch - 🏆 8. / 63 Read more »

Buhari approves establishment of Agricultural institute in Nasarawa - Daily Post NigeriaPresident Muhammadu Buhari has approved the establishment of the Agricultural Machinery and Equipment Development Institute in the state. Governor
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Buhari approves establishment of institute in Nasarawa- Sule | The Guardian Nigeria News - Nigeria and World NewsGovernor Abdullahi Sule of Nasarawa state says President Muhammadu Buhari has approved the establishment of the Agricultural Machinery and Equipment Development Institute in the state.
Source: GuardianNigeria - 🏆 1. / 94 Read more »

FG Should Also Approve N100bn For Ranching In Benue – OrtomBenue State Governor Samuel Ortom has said if President Muhammadu Buhari can approve N6.25 billion for ranching of cattle in his home state of Kastina,
Source: LeadershipNGA - 🏆 4. / 77 Read more »