Global Credit Rating (GCR), has upgraded NOVA Bank\u2019s Long Term Issuer Rating from BBB- to BBB with a stable outlook. The reasons given for the upgrade include the Bank\u2019s strong capitalisation, risk position, liquidity and evolving brand.<\/p>\n
The upgrade in the Bank\u2019s rating comes shortly after Datapro recently reaffirmed the \u201cA\u201d rating of it\u2019s N10 billion 7-Year Subordinated Unsecured Bond which was oversubscribed by 300% when initially issued.<\/p>\n
This achievement also 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
According to Mr. Nath Ude, the MD\/CEO, \u201cThe achievement of a ratings upgrade given the headwinds witnessed in the economy represents another positive development in the Bank this year following our impressive financial performance, resilience and the reaffirmation of the \u201cA\u201d rating on our bond.\u201d<\/p>\n
The Chairman of NOVA Bank, Mr. Phillips Oduoza, further noted \u201cAn upgrade in the Bank\u2019s rating given the challenging macroeconomic context demonstrates the efficiency of the various governance structures put in place to secure the long term sustainability of the bank. It provides a strong foundation for the continuation of our growth trajectory.\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":"
Global Credit Rating (GCR), has upgraded NOVA Bank\u2019s Long Term Issuer Rating from BBB- to BBB with a stable outlook. The reasons given for the upgrade include the Bank\u2019s strong capitalisation, risk position, liquidity and evolving brand. The upgrade in the Bank\u2019s rating comes shortly after Datapro recently reaffirmed the \u201cA\u201d rating of it\u2019s N10 billion 7-Year Subordinated Unsecured Bond which was oversubscribed by 300% when initially issued. This achievement also 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. According to Mr. Nath Ude, the MD\/CEO, \u201cThe achievement of a ratings upgrade given the headwinds witnessed in the economy represents another positive development in the Bank this year following our impressive financial performance, resilience and the reaffirmation of the \u201cA\u201d rating on our bond.\u201d The Chairman of NOVA Bank, Mr. Phillips Oduoza, further noted \u201cAn upgrade in the Bank\u2019s rating given the challenging macroeconomic context demonstrates the efficiency of the various governance structures put in place to secure the long term sustainability of the bank. It provides a strong foundation for the continuation of our growth trajectory.\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":1339,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[42,28,29,43],"class_list":["post-1349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release","tag-gcr","tag-nath-ude","tag-phillips-oduoza","tag-rating"],"yoast_head":"\n