NOVA Merchant Bank Limited has announced the receipt of an investment grade rating from both Agusto & Co (Bbb) and Global Credit Ratings (BBB-).
The ratings which were awarded as a result of the strength of the Board and management team, robust capitalisation, prudent risk profile, good asset quality and strong liquidity are symbolic to the bank’s plans to scale in operation this year.
It also recently published its financial results where it declared a profit after tax of N1.15bn for the year ended 31st of December 2018, an increase from N510.6m in 2017.
Anya Duroha, the Managing Director/CEO, commented “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 “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.”