Agusto & Co. has affirmed NOVA Bank Limited’s rating of Bbb with a Stable Outlook.
The rating Agency maintained that the bank was rated based on its sound capitalization, strong liquidity profile and good credit management with a low level of non-performing loans.
Stating the rationale for the rating, Agusto & Co. noted in its report that the Bank is well capitalized for its current business risks and considered the Bank’s asset quality satisfactory, adding that “notwithstanding, the macroeconomic and regulatory headwinds, NOVA Bank has maintained its growth trajectory as the total assets and contingents grew by 12% while deposits grew by 30.5% as of 31 December 2021”.
Reacting to the rating, the Managing Director/CEO of NOVA Bank Limited, Mr Nath Ude said, “Agusto & Co.’s affirmations of NOVA’s rating and stable outlook is a confirmation of the Bank’s good capitalization, good liquidity profile, low level of impaired credits and experienced leadership team. Notably, the rating highlighted the strong productive capacity of the Bank, driven by sustainable growth. NOVA is poised to positively influence the banking industry with the vision to unlock opportunities for our clients across the key growth sectors of the Nigerian economy,” Ude said.
The Chairman of the Bank, Mr. Phillips Oduoza, who expressed his excitement over the consistency of the rating on the Bank reiterated, ” the ratings demonstrate the sound and good governance structure put in place to ensure long term sustainability of the Bank” NOVA Bank offers an integrated suite of financial solutions covering Financial Intermediation, Wholesale Banking, Investment Banking, Asset Management, Wealth Management, Trade Services, Transaction Banking, Cash Management and Digital Banking.
