DataPro, the Technology-driven credit rating agency, says it has in its latest report affirmed Nova Merchant Bank Limited’s long-term rating to “A+” with a stable outlook for the year 2021/2022.

The “A+” indicates low risk, and shows very good financial strength, operating performance and business profile when compared to the standard established by the rating agency, it explained on Thursday in an emailed statement signed by Kehinde Rasheed, the Client Services Manager.

It said DataPro’s Rating Committee approved the rating after an assessment of the Bank’s financial performance, governance risk & compliance as well as risk factors of its current healthy profile in the medium to long-term period.

Nova Merchant Bank Limited had a Short-Term Rating of “A1”, which indicates good credit quality and satisfactory capacity for timely payment of financial commitments, the agency said.

DataPro noted that the rating carries a maximum shelf life of 12 calendar months, in line with international best practices. The Rating is therefore not an offer to trade in securities nor a substitute for the user’s judgement. It is meant for reference purposes.

Nova reported a 25.7 per cent growth in its gross earnings for the full year that ended on December 31, 2021, rising to N17.03 billion from N13.55bn in 2020.

The bank also announced a growth of 76.9% in loans and advances, which rose from 49.97bn to N88.38bn over the same period.

Nova Merchant Bank is led by Mr. Phillips Oduoza, a former Managing Director of United Bank for Africa, as the Chairman, while Mr. Nath Ude, is the Managing Director/CEO.