Print Agusto & Co upgrades Wema Bank to ‘A-’
Pan-African rating agency Agusto & Co. has upgraded the ratings of Wema Bank to “A-” from “Bbb+” with a stable outlook.
According to a statement on Thursday, the rating, which became effective on June 17, reflected the improving business risk profile of the lender.
In the rating report, Agusto & Co. said, “Wema Bank’s profitability has shown marked and consistent improvement in the last three years.”
The rating agency added, “The bank continues to contribute positively through credit disbursements to socially impactful sectors such as agriculture, power and energy, education, water supply, transportation and healthcare, which collectively represented about 16 per cent of its loan portfolio. In addition, Wema Bank’s ongoing partnership with the Enterprise Development Centre and Mastercard to train 50,000 women alludes to the bank’s commitment to fostering inclusion and supporting community development across Nigeria. In the near term, we anticipate improved profitability supported by business growth from additional capital.”
Hinting at the bank’s long-term aspiration of attaining Tier-1 and taking indigenous Nigerian institutions global, Wema Bank’s Managing Director/Chief Executive Officer, Moruf Oseni, lauded Agusto & Co for yet another objective assessment, stating categorically that the best is yet to come for Wema Bank.
He shared his excitement: “As a bank, we are honoured by the level of trust our customers place in us, the confidence with which our shareholders continue to support the business and the determination with which our employees continue to fuel our growth. It is a privilege we do not take for granted, and I take this opportunity to say, ‘Thank you’. This is the clear result of 80 years of impact and the hard work that has gone into forging this formidable financial institution.
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