Agusto & Co. assigns a “Bbb-” rating to Globus Bank Limited, with a stable outlook.
The rating expires on 30 June 2022.
The rating assigned to Globus Bank Limited (“Globus Bank” or “the Bank”) is hinged on the profile of the shareholders and the support offered to the Bank since inception. The shareholders are reputable individuals that have served at various management levels in the banking industry and have demonstrated support by extending ₦15.5 billion to Globus Bank as additional capital in the financial year ended 31 December 2020. The rating also reflects the Bank’s good profitability, good liquidity and good capitalisation that provide a sufficient buffer against macroeconomic shocks and credit losses. Offsetting these positive rating factors are the limited operating history of Globus Bank, concentration in the loan book, the harsh regulatory environment and the prevailing macroeconomic headwinds.