United Bank for Africa has been assigned an “Aa-” rating by Agusto & Co. This rating expires 30 June 2017.
The rating of United bank for Africa Plc. (‘UBA’ or the ‘Bank’) is upheld by the Bank’s improved capitalization, good liquidity and large pool of stable deposits, strong domestic presence supported by the Bank’s extensive branch network and growing alternate banking channels. In addition, we note improvement in profitability and the Bank’s good asset quality. The Rating takes into cognizance the impact of the weak macroeconomic climate on the banking industry’s asset quality which we do not expect UBA to be excluded. Nonetheless, we note positively its diversified geographical reach which will cushion to an extent, the impact of the weak Nigerian economic climate.
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.
This rating release is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit given to Agusto & Co.