Agusto & Co. assigns “Bbb-” rating to Wema Bank Plc
The rating expires on 30 June 2019.
The rating assigned to Wema Bank Plc (‘Wema Bank’ or ‘the Bank’) is underpinned by acceptable asset quality, improving capitalisation, satisfactory liquidity profile and experienced management team with clear succession plan. The rating is however constrained by concentration in the loan book, high funding cost, low staff productivity, low market share and the fragile state of the Nigerian economy.
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