Agusto & Co. assigns an “Bbb-” rating to Omoluabi Mortgage Bank Plc. The Rating expires on 30 June 2019.
The rating assigned to Omoluabi Mortgage Bank Plc reflects the Bank’s good capitalisation, good liquidity profile and strong recovery practices. However, the rating is constrained by weak profitability and high level of impaired credits – which we believe requires improvement. Nonetheless, Agusto & Co. recognises Omoluabi’s restructuring initiatives and a greater emphasis on curbing loan delinquencies which resulted in an improved performance during the period under review.
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