Agusto & Co. affirms Unity Bank’s ‘Bb-’ rating, with a stable outlook.
The rating expires on 30 June 2022.
The rating assigned to Unity Bank Plc (‘Unity Bank’ or ‘the Bank’) reflects the Bank’s good brand equity in the Northern region of the country. The rating also recognises Unity Bank’s improved asset quality and experienced management team. Constraining these positive factors, is the lingering negative capitalisation, sustained sectoral concentration in the loan book and declining profitability amidst weak economic fundamentals