{"id":2348,"date":"2022-08-05T07:29:46","date_gmt":"2022-08-05T06:29:46","guid":{"rendered":"https:\/\/www.novambl.com\/?p=2348"},"modified":"2022-08-05T07:29:46","modified_gmt":"2022-08-05T06:29:46","slug":"gcr-affirms-nova-merchant-bank-limiteds-national-scale-long-and-short-term-issuer-ratings-of-bbbng-a3ng","status":"publish","type":"post","link":"https:\/\/demovalley.com\/nova\/gcr-affirms-nova-merchant-bank-limiteds-national-scale-long-and-short-term-issuer-ratings-of-bbbng-a3ng\/","title":{"rendered":"GCR affirms Nova Merchant Bank Limited\u2019s National Scale Long and Short-term Issuer Ratings of\u00a0BBB(NG)\/A3(NG)"},"content":{"rendered":"<p><strong><b>GCR affirms Nova Merchant Bank Limited\u2019s National Scale Long and Short-term Issuer Ratings of<\/b><\/strong><strong><b>\u00a0<\/b><\/strong><strong><b>BBB(NG)\/A3(NG); Outlook Stable.<\/b><\/strong><\/p>\n<p>Global Credit Rating has affirmed NOVA Bank Limited\u2019s national scale long and short-term ratings of BBB(NG) and A3(NG) respectively, with a Stable Outlook.<\/p>\n<p>The ratings agency explained that NOVA was rated on the basis of its strong capital base as well as its financial position, adding, \u201cThe ratings of NOVA Bank Limited reflect its sound capitalisation and good risk position, as characterised by minimal non-performing loans (\u201cNPL\u201d) and credit losses.<\/p>\n<p>Citing the rationale for the ratings, GCR said; \u201cNOVA Bank operates within the Nigerian merchant banking subsector and continues to drive the evolution of its market position through the launch of bespoke customer-centric products\/solutions and innovations to improve value propositions and meet the specific needs of its clients.\u201d<\/p>\n<p>\u201cThe bank\u2019s capitalisation is considered sound, with capital adequacy ratio maintained above regulatory threshold of 10%\u201d as at December 2021, reinforcing the headroom for risk asset growth and overall balance sheet capacity,\u201d the report noted.<\/p>\n<p>NOVA Bank maintains stable funding and adequate liquidity. According to GCR, NOVA MB\u2019s funding structure is predominantly made up of deposits. At FY21, total deposits accounted for 95% of the funding base (FY20: 93.1%), with customer deposits increasing by 30.4% during the year, on the back of improved deposits mobilisation capacity.<\/p>\n<p>NOVA\u2019s Managing Director\/CEO, Nath Ude, who commented on the ratings said, \u201cGCR\u2019s affirmations of NOVA\u2019s investment grade ratings and stable outlook, are instructive. The rating rationale succinctly reflects the sound governance, robust risk management and unrivalled record of asset quality. More importantly, the ratings construct underscores the strong credibility of the Bank, as highlighted by the adequate liquidity and stable funding metrics.<\/p>\n<p>\u201cWith continuous investment in people and technology, and more importantly innovative partnerships with credible clients, NOVA is primed to positively disrupt the merchant banking space, with the vision to unlock opportunities for our clients across the key growth sectors of the Nigerian economy,\u201d Ude said.<\/p>\n<p>The Chairman of the Bank, Phillips Oduoza, noted that given the challenging macroeconomic environment, the ratings demonstrate the efficiency of the governance structures put in place to ensure long term sustainability of the Bank.<\/p>\n<p>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<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GCR affirms Nova Merchant Bank Limited\u2019s National Scale Long and Short-term Issuer Ratings of\u00a0BBB(NG)\/A3(NG); Outlook Stable. Global Credit Rating has affirmed NOVA Bank Limited\u2019s national scale long and short-term ratings of BBB(NG) and A3(NG) respectively, with a Stable Outlook. The ratings agency explained that NOVA was rated on the basis of its strong capital base as well as its financial position, adding, \u201cThe ratings of NOVA Bank Limited reflect its sound capitalisation and good risk position, as characterised by minimal non-performing loans (\u201cNPL\u201d) and credit losses. Citing the rationale for the ratings, GCR said; \u201cNOVA Bank operates within the Nigerian merchant banking subsector and continues to drive the evolution of its market position through the launch of bespoke customer-centric products\/solutions and innovations to improve value propositions and meet the specific needs of its clients.\u201d \u201cThe bank\u2019s capitalisation is considered sound, with capital adequacy ratio maintained above regulatory threshold of 10%\u201d as at December 2021, reinforcing the headroom for risk asset growth and overall balance sheet capacity,\u201d the report noted. NOVA Bank maintains stable funding and adequate liquidity. According to GCR, NOVA MB\u2019s funding structure is predominantly made up of deposits. At FY21, total deposits accounted for 95% of the funding base (FY20: 93.1%), with customer deposits increasing by 30.4% during the year, on the back of improved deposits mobilisation capacity. NOVA\u2019s Managing Director\/CEO, Nath Ude, who commented on the ratings said, \u201cGCR\u2019s affirmations of NOVA\u2019s investment grade ratings and stable outlook, are instructive. The rating rationale succinctly reflects the sound governance, robust risk management and unrivalled record of asset quality. More importantly, the ratings construct underscores the strong credibility of the Bank, as highlighted by the adequate liquidity and stable funding metrics. \u201cWith continuous investment in people and technology, and more importantly innovative partnerships with credible clients, NOVA is primed to positively disrupt the merchant banking space, with the vision to unlock opportunities for our clients across the key growth sectors of the Nigerian economy,\u201d Ude said. The Chairman of the Bank, Phillips Oduoza, noted that given the challenging macroeconomic environment, the ratings demonstrate the efficiency of the governance structures 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 &nbsp;<\/p>\n","protected":false},"author":1,"featured_media":2350,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14,9],"tags":[18,28,29],"class_list":["post-2348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-release","tag-global-credit-ratings","tag-nath-ude","tag-phillips-oduoza"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.2 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>GCR affirms Nova Merchant Bank Limited\u2019s National Scale Long and Short-term Issuer Ratings of\u00a0BBB(NG)\/A3(NG) - NOVA 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