Bank of Industry Limited has been upgraded to an “Aa” rating by Agusto & Co. This rating expires 30 September 2018.
The rating assigned to Bank of Industry Limited reflects the explicit support of major shareholders - Ministry of Finance Incorporated (the investment arm of the Ministry of Finance) and the Central Bank of Nigeria (CBN) in terms of capitalisation, funding and business development. The rating recognises BOI’s satisfactory asset quality, low cost funding base, good liquidity profile and an improved risk management framework during the review period. The rating takes into cognisance improvement in governance through the newly constituted Board of Directors following the dissolution of the former Board in July 2015. Nonetheless, BOI’s rating is constrained by Nigeria’s weak macroeconomic environment which adversely impacted businesses across key economic sectors, concentration in loan portfolio (by sector) and rising operating costs.
The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such. Visit www.agusto.com for further information.
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