Credit Rating Agency (CRA), DataPro, has affirmed Nova Merchant Bank Limited’s long-term rating to ‘A+’ with a stable outlook for the year 2021/2022.
The agency, in its latest report, explained that when compared to its standard, the ‘A+’ indicates low risk, which shows very good financial strength, operating performance and business profile.
The bank, according to the rating agency, has a strong ability to meet ongoing obligations. It further stated that DataPro rating committee approved the rating after an assessment of the bank’s financial performance, governance risk and compliance, as well as risk factors of its current healthy profile in the medium to long-term period.
Accordingly, the bank’s share capital remained N16 billion as par last year’s financial statement.
However, the bank’s equity grew marginally in 2021 by three per cent from N22.7 billion in 2020 to N23.5 billion in 2021. Overall, the bank’s assets grew by 34 per cent from N182 billion in 2020 to N242 billion in 2021.