Rating Release
Agusto & Co. upgrades the rating assigned to Providus Bank Limited to ‘Bbb’, with a stable outlook
The rating expires on 30 June 2024.
Agusto & Co. hereby upgrades the rating of Providus Bank Limited (“Providus Bank” or “the Bank”) to ‘Bbb’ and affirms the assigned ‘2’ ESG score. The rating reflects the Bank’s improving profitability, good liquidity profile bolstered by its affinity with financial technology operators (FinTechs), growing market share and good shareholders’ support. Offsetting these positive factors are the obligor concentration in the loan book, aggressive loan growth and the prevailing macroeconomic and regulatory headwinds. The ESG score denotes our view that environmental, social and governance issues have minimal impact on the Bank’s credit risk.