Agusto & Co. assigns an “A” rating to FBN Merchant Bank Limited.
The Rating expires on 30 June 2018.
FBN Merchant Bank Limited’s ("FBN Merchant" or "The Bank") rating reflects the Bank's good capitalisation, satisfactory asset quality and good profitability profile, leveraging on its investment banking expertise and experienced management team’s oversight. Agusto & Co. notes the Bank’s improved financial condition in the review period, subsequent to the 2015 acquisition of a merchant banking license. Key profitability fundamentals stood better year-on-year and in Q1 2017, on the back of the aforementioned expertise driving a better earnings profile. This is in addition to improving asset quality, despite credit risks of the current macroeconomic environment. The rating is nonetheless constrained by a subdued business environment impacting risk asset creation and liability generation.
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