In recognition of the strong underlying fundamentals driving its business, Datapro reaffirmed an \u201cA\u201d rating on the Bank\u2019s N10 billion 7-Year Subordinated Unsecured Bond issued under its N50 billion debt issuance programme. The bond has a fixed coupon rate of 12% per annum.<\/p>\n
This achievement follows the recent publication of the Bank\u2019s financial results for FY2020 in which it declared a profit after tax of N3.49bn in 2020 compared to N1.65bn in 2019. The Bank also achieved a 130% increase in gross earnings while its cost to income ratio declined from 55% in 2019 to 44% in 2020.<\/p>\n
Nath Ude, the MD\/CEO, commented \u201cThe revalidation of an \u201cA\u201d rating builds on the Bank\u2019s recent strong financial performance and further validates our go to market approach, business model and value proposition to our\u00a0 customers. It rewards the Bank for the resilience it has shown during the challenging economic environment arising from the COVID-19 pandemic.\u201d<\/p>\n
Mr. Phillips Oduoza, the Chairman of NOVA Bank further noted \u201cThis rating recognises the progress the Bank has made in such a short period of time amidst a challenging macroeconomic context. The Board remains committed to supporting the management team towards the achievement of many more successful milestones as the Bank\u2019s growth trajectory continues to demonstrate long term sustainability.\u201d<\/p>\n
NOVA Bank offers an integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Wealth Management, Trade Services, Transaction Banking, Cash Management and Digital Banking.<\/p>\n","protected":false},"excerpt":{"rendered":"
In recognition of the strong underlying fundamentals driving its business, Datapro reaffirmed an \u201cA\u201d rating on the Bank\u2019s N10 billion 7-Year Subordinated Unsecured Bond issued under its N50 billion debt issuance programme. The bond has a fixed coupon rate of 12% per annum. This achievement follows the recent publication of the Bank\u2019s financial results for FY2020 in which it declared a profit after tax of N3.49bn in 2020 compared to N1.65bn in 2019. The Bank also achieved a 130% increase in gross earnings while its cost to income ratio declined from 55% in 2019 to 44% in 2020. Nath Ude, the MD\/CEO, commented \u201cThe revalidation of an \u201cA\u201d rating builds on the Bank\u2019s recent strong financial performance and further validates our go to market approach, business model and value proposition to our\u00a0 customers. It rewards the Bank for the resilience it has shown during the challenging economic environment arising from the COVID-19 pandemic.\u201d Mr. Phillips Oduoza, the Chairman of NOVA Bank further noted \u201cThis rating recognises the progress the Bank has made in such a short period of time amidst a challenging macroeconomic context. The Board remains committed to supporting the management team towards the achievement of many more successful milestones as the Bank\u2019s growth trajectory continues to demonstrate long term sustainability.\u201d NOVA Bank offers an integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Wealth Management, Trade Services, Transaction Banking, Cash Management and Digital Banking.<\/p>\n","protected":false},"author":1,"featured_media":1317,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[31,37,28,29],"class_list":["post-1346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release","tag-bonds","tag-datapro","tag-nath-ude","tag-phillips-oduoza"],"yoast_head":"\n