Credit rating

RMB Nigeria Limited

Credit Rating Assigned: A
Outlook: Stable
Issue Date: 17 Dec. 2015
Expiry Date: 30 June2016
Previous Rating: Not applicable
Industry: Banking
Rating Agency: Agusto & Co. Limited, Nigeria

The rating assigned to Rand Merchant Bank Nigeria Limited (“RMBN” or “the Bank”) reflects RMBN’s good asset quality, strong capitalization and a good liquidity profile. However, the rating is constrained by weak profitability, low market share as well as the current macroeconomic climate that is expected to adversely impact the performance of the Nigerian banking industry. The rating also reflects the membership of RMBN in the FirstRand Group — one of the leading South African banks with presence in eight African countries and an asset base of approx. $76 billion (R1059 billion) as at as at 30 June 2015.

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