The Global Credit Rating (GCR) has upgraded Nova Merchant Bankâs Long Term Issuer Rating from BBB- to BBB, with a stable outlook.
The reasons given for the upgrade included the bankâs strong capitalisation, risk position, liquidity and evolving brand.
The upgrade in the bankâs rating comes few days after Datapro reaffirmed the âAâ rating of the bankâs N10 billion 7-year subordinated unsecured bond which was oversubscribed by 300 per cent when initially issued.
The achievement also followed the recent publication of the bankâs financial results for full year 2020 in which it declared a profit after tax of N3.49 billion in 2020, compared with N1.65 billion in 2019.