Agusto & Co. affirms the ‘Bbb-’ rating assigned to Providus Bank Limited, with a stable outlook

Agusto & Co. affirms the ‘Bbb-’ rating assigned to Providus Bank Limited, with a stable outlook

Rating Release

Agusto & Co. affirms the ‘Bbb-’ rating assigned to Providus Bank Limited, with a stable outlook

 The rating expires on 30 June 2023.

 Agusto & Co. hereby affirms the ‘Bbb-’ rating assigned to Providus Bank Limited (“Providus Bank” or “the Bank”). The rating reflects the Bank’s satisfactory profitability and good liquidity profile bolstered by its affinity with financial technology operators (FinTechs). The rating also reflects Providus Bank’s experienced and stable management team, in addition to good shareholder support evidenced by the ₦6.5 billion additional capital raised during the review period. However, constraining the rating is the obligor concentration in the loan book, the fragile macroeconomy and the arbitrary cash reserve requirement policy which continues to adversely impact profitability.

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.

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Credit Direct Limited review in progress Aug 31 , 2022 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Viathan Funding Plc.’s ₦10 billion 10-year Series 1 Senior Guaranteed Fixed Rate Bond Due 2027 Aaa Dec 31 , 2027 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria