Set to open Owerri, Abuja, Port Harcourt branches
By Babajide Komolafe
NOVA Financial institution has introduced a strategic shift in its working license from a nationwide to a regional authorisation, a transfer, which in response to the Financial institution is aimed toward optimising operational effectivity and deepening its impression inside key markets.
The Financial institution additionally mentioned it’s going to launch three new branches within the coming weeks, together with Owerri, Port Harcourt, and Abuja, to reinforce bodily entry and customer support, whereas strengthening its digital banking infrastructure to make sure clients proceed to get pleasure from safe, seamless, and handy banking experiences, wherever, anytime.
The administration of the Financial institution famous that the repositioning aligns with the Financial institution’s long-term imaginative and prescient to consolidate its strengths, streamline its providers, and deploy capital extra successfully inside focused areas, with out compromising its dedication to innovation, buyer satisfaction, and sustainable development.
To this impact, NOVA has utilized to the CBN to recategorize its working license from a Nationwide to a Regional Industrial Banking license.
In response to the Financial institution, NOVA maintains a robust monetary place, underpinned by strong capital adequacy, liquidity ratios, and a constant development trajectory.
NOVA’s Appearing Managing Director/Chief Government Officer, Mrs. Chinwe Iloghalu, defined that following the Central Financial institution of Nigeria’s (CBN) revised recapitalisation directive in March 2024, NOVA reviewed its development trajectory and capital utilisation technique.
“Given the Financial institution’s present stage of development, now we have chosen the prudent path to optimise what we’d like, develop effectively, and scale sustainably. It is a main strategic positioning that can guarantee continued effectivity within the deployment of property and assets,” she mentioned.
Mrs. Iloghalu additional said “Certainly, our shareholders have proven robust dedication to making sure full capitalisation via rights situation by injection of extra N24 billion earlier than finish of 2025 to exceed the prescribed capital for regional banks properly forward of the 2026 CBN deadline”.
In an additional affirmation of its energy and stability, International Credit score Ranking (GCR) just lately reaffirmed NOVA Financial institution’s BBB ranking with a Steady Outlook, citing the Financial institution’s wholesome liquidity profile, enhancing earnings, and sound asset high quality.
The Financial institution’s audited 2024 financials validate the effectiveness of its development technique, recording over 200% year-on-year development in revenue earlier than tax (PBT), alongside enhancements throughout all key monetary indicators.
The Chairman of the Board, Mr. Phillips Oduoza, famous that NOVA stays dedicated to its imaginative and prescient and is grateful for the continued belief of its clients, shareholders, and regulators.
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