In furtherance of its plans to scale its operation this year, NOVA Merchant Bank Limited, in yet another milestone, has received an investment grade rating from both Agusto & Co (Bbb) and Global Credit Ratings (BBB-). The reasons given for the bank’s rating include the strength of the board and management team, robust capitalisation, prudent risk profile, good asset quality, and strong liquidity.
A statement by the financial institution said this achievement follows the recent publication of the bank’s financial results where it declared a profit after tax of N1.15bn for the year ended December 31, 2018, an increase from N510.6m in 2017.
Mr. Anya Duroha, the MD/CEO, said “The award of investment grade ratings by two leading rating agencies is another significant milestone in the history of the bank. It further assists us in our plans to scale up our operations this year and deliver value to our customers and all other stakeholders”.
Mr. Phillips Oduoza, the Chairman of NOVA Merchant Bank further noted that “these ratings are further validation of the strength of the foundation which has been laid for the continued future success of the Bank. On behalf of the board, I will like to commend the management team for all their effort in achieving this milestone debut rating record.”
NOVA Merchant Bank will continue to focus on delivering on its overarching philosophy of “New Thinking, New Opportunities” to sustainably grow its business as it seeks to assist its clients to achieve their strategic objectives and re-establish merchant banking as a key economic driver in the country.