DataPro has reaffirmed its “A” rating on Nova Merchant Bank’s N10 billion 7-Year Subordinated Unsecured Bond issued under its N50 billion debt issuance programme.
The bond has a fixed coupon rate of 12 per cent per annum.
The achievement followed the recent publication of the bank’s financial results for the full year 2020, in which it declared a profit after tax of N3.49 billion in 2020, compared to N1.65 billion in 2019.
The bank also achieved a 130 per cent increase in gross earnings while its cost to income ratio declined from 55 per cent in 2019, to 44 per cent in 2020.
MD/CEO of the bank, Nath Ude, in his comment said: “The revalidation of an “A” rating builds on the Bank’s recent strong financial performance and further validates our go to market approach, business model and value proposition to our customers.
“It rewards the bank for the resilience it has shown during the challenging economic environment arising from the COVID-19 pandemic.”
Also, the Chairman of NOVA Merchant Bank, Mr. Phillips Oduoza, said: “This rating recognises the progress the bank has made in such a short period of time amidst a challenging macroeconomic context. The board remains committed to supporting the management team towards the achievement of many more successful milestones as the bank’s growth trajectory continues to demonstrate long term sustainability.”
NOVA Merchant Bank offers an integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Wealth Management, Trade Services, Transaction Banking, Cash Management and Digital Banking.
