Rating Release
Agusto & Co. affirms the ‘Bbb+’ long term and “A2” short term rating assigned to TAJBank Limited, with a stable outlook
The rating expires on 31 December 2025.
Agusto & Co. hereby affirms the “Bbb+” (long term) and “A2” (short term) rating assigned to TAJBank Limited (“TAJBank” or “the Bank”), reflecting good profitability and the increasing market share in the non-interest banking segment in Nigeria. Also recognised as a rating driver is the continued strong shareholders’ support as reflected in the ₦2 billion capital injection in Q1 2024. The expanding branch network which has continued to support deposit mobilisation and the brand franchise was also considered. However, these positive factors are constrained by the rising level of strained credit (stage 2 and 3 financing contracts), obligor concentration and the intensifying macroeconomic headwinds. We have also assigned a ‘3’ ESG score which denotes that social and governance issues have a material impact on the Bank’s credit risk.
