Rating Release
Agusto & Co. affirms the “A-“ rating assigned to Globus Bank Limited, with a stable outlook.
The rating expires on 30 June 2025.
Agusto & Co. affirms the “A-” rating assigned to Globus Bank Limited (“Globus Bank” or “the Bank”) reflecting the Bank’s good profitability, acceptable capitalisation ratios, and experienced management team. However, the rating is constrained by loan book concentration, limited operating history, low market share and negative operating environment which has impacted businesses and households in Nigeria. We also note the intended regulatory headwinds and the adverse impact on banks’ profitability in the near term. A “3” ESG score has also been attached to the rating, reflecting our view that environmental, social and governance issues are material to the Bank’s credit risk profile.