Agusto & Co. assigns TAJBank Limited a ‘Bbb-’ rating, with a stable outlook

Agusto & Co. assigns TAJBank Limited a ‘Bbb-’ rating, with a stable outlook

Rating Release

Agusto & Co. assigns TAJBank Limited a ‘Bbb-’ rating, with a stable outlook.

 The rating expires on 31 December 2022.

The rating assigned to TAJBank Limited (“TAJBank” or “the Bank”) reflects the Bank’s good liquidity profile, satisfactory capitalisation, improving profitability and a growing franchise in the Islamic banking space. The rating is also hinged on the support of the shareholders who are represented on the Board. This was reflected in the successful capital raise of ₦2 billion in October 2021. However, constraining these positive rating factors is the limited operating history of TAJBank, obligor concentration in the financing book and high operating cost profile amid the prevailing macroeconomic headwind.

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.

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