We use cookies to provide you with the best possible online experience. Read our cookie policy.
| Credit Rating Assigned | Aa |
| Outlook | Stable |
| Issue Date | June 2022 |
| Expiry Date | June 2023 |
| Previous Rating | Aa- |
| Industry | Banking |
| Rating Agency | Agusto & Co. Limited, Nigeria |
| Credit Rating Assigned | Aa- |
| Outlook | Positive |
| Issue Date | June 2022 |
| Expiry Date | June 2023 |
| Previous Rating | A+ |
| Industry | Banking |
| Rating Agency | Global Credit Rating Co. (GCR) |
The one notch rating upgrade by Agusto & Co. reflects the bank’s improved performance and resilience in the face of the weak macroeconomic environment, in addition to maintaining strong capitalisation, adequate funding and liquidity as well as its sound risk position (characterised by nil non-performing loans ‘NPL’ since inception). The Agency also introduced an Environmental, Social and Governance (ESG) contribution score. The bank was assigned a score of ‘2’ as it’s ESG ‘issues’ have minimal contribution to credit risk.
Having upgraded the bank by one notch for FYE 2021, GCR affirmed the entity’s rating on the back of its strong capitalisation, sound risk profile and liquid balance sheet. The Agency however revised the rating outlook to ‘Positive’ from ‘Stable’, citing continued and diversified profitability, strong capital metrics and low credit losses as key drivers for an upgrade over the next 12 – 18 months.