Agusto & Co. affirms the ‘Bb-’ rating assigned to Unity Bank Plc

Rating Release

Agusto & Co. affirms the ‘Bb-’ rating assigned to Unity Bank Plc.

The rating expires on 30 June 2021.

The rating assigned to Unity Bank Plc. (‘Unity Bank’ or ‘the Bank’) reflects the Bank’s strong retail brand, particularly in the Northern Nigerian states, acceptable asset quality and stable management team. However, the rating is constrained by Unity Bank’s negative shareholders’ fund which is below the minimum capital required to operate as a national bank, subpar profitability and the prevailing macroeconomic headwinds in Nigeria heightened by the COVID-19 pandemic.

Agusto & Co. have attached a stable outlook to the rating of Unity Bank Plc. We will continue to monitor the Bank’s performance to reassess the impact of the pandemic on the assigned rating and outlook in the short term.

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 to Agusto & Co.