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.
The bond has a fixed coupon rate of 12 per cent per annum.
The achievement followed the recent publication of the bankâs 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: âThe revalidation of an âAâ rating builds on the Bankâs recent strong financial performance and further validates our go to market approach, business model and value proposition to our customers.
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NOVA Merchant Bank, one of the leading merchant banks in Nigeria said it began 2021 on a high note as it announced promotions for its employees who excelled in the performance of their responsibilities.
The bank announced in a statement that the promotions were in line with its goal of building a high performance culture, adding that they cut across most grade levels including General Manager, which however is subject to approval by the Central Bank of Nigeria.
Managing Director/Chief Executive Officer of the Bank, Mr. Nath Ude, explained that the bank set out to reward its deserving staff who had in the last few years put in a lot of effort to ensure it achieved its goals of providing premium services to its growing clientele at every opportunity.
The Central Bank of Nigeria (CBN) has selected 1000 bank branches for the second phase of the registration of bank customers on the Bank Verification Number (BVN).
Of the 1000 banks, First City Monument Bank Limited (FCMB) has announced that 44 of its branches in Lagos as well as at its head office were selected.
A statement quoted FCMB’s Executive Director, Service Management and Technology, Mr. Nath Ude, to have said that the bank’s head office branch and its Wuse Zone four branch in Abuja, which were both selected during the first phase are fully carrying out the exercise as well as 42 others.