TheCable

Shareholders of NOVA Merchant Bank have approved the payment of N800 million as dividend for its 2020 financial year.

The approval was made during the bank’s 4th annual general meeting (AGM) in Lagos.

In the 2020 financial year, NOVA posted a profit after tax increase of 112 percent to N3.49 billion from N1.65 billion in 2019

At the AGM, the bank’s shareholders commended the board and management for performance over the years. 

They urged the management to continue the growth trajectory notwithstanding the current challenging macroeconomic environment.

Nath Ude, NOVA Merchant Bank MD/CEO, said the bank would continue to provide seamless to its customers and partner with fintechs.

“The Bank was able to provide seamless services to our customers during the lockdown period while maintaining the necessary COVID-19 protocols,” Ude said.

“The accelerated adoption of digital channels by customers further demonstrates the appropriateness of our business model and digital banking focus.

“To this end, we will ensure we remain ahead of changing trends to deliver value to all our stakeholders. We will continue to explore opportunities to partner with fintechs to further deepen our capabilities in this area”.

The CEO further said the bank would focus on entrenching the suitable structures and creating an agile and solution-minded team capable of driving the vision and mission of the group.

NOVA had announced the listing of its N10 billion 7-year subordinated unsecured bond on the Nigeria Exchange Group (NGX), seeking to re-establish merchant banking as a key economic driver by providing long-term funds and advisory services.

In May, the Global Credit Rating (GCR) also upgraded the bank’s long term issuer rating from BBB- to BBB with a stable outlook.

Earlier in the month, DataPro Limited, a credit rating agency, partnered with the bank to boost operators’ confidence in the Nigerian capital market.