| Credit Rating Assigned | Aa |
| Outlook | Stable |
| Issue Date | June 2023 |
| Expiry Date | June 2024 |
| Previous Rating | Aa |
| Industry | Banking |
| Rating Agency | Agusto & Co. Limited, Nigeria |
| Credit Rating Assigned | Aa- |
| Outlook | Stable |
| Issue Date | June 2023 |
| Expiry Date | June 2024 |
| Previous Rating | Aa- |
| Industry | Banking |
| Rating Agency | Global Credit Rating Co. (GCR) |
Having upgraded the bank by one notch in FY 2022, Agusto & Co. affirmed the entity’s ‘Aa’ rating. The rating is anchored on the bank’s sustained good performance despite the fragile macroeconomic environment and regulatory pressures. The bank has also continued to maintain good capitalization, nil impaired loans, and an experienced management team with good succession planning. Agusto & Co. also maintained the bank’s Environmental, Social and Governance (ESG) contribution score. The assigned score of ‘2’ implies that the bank’s ESG ‘issues’ have minimal contribution to credit risk.
GCR also affirmed the entity’s ‘Aa’ rating on the back the bank’s sound capitalisation, adequate funding, and liquidity in addition to its good risk position evidenced by nil non-performing loans since inception.