Agusto & Co. hereby assigns a “Bb” rating to SunTrust Bank Nigeria Limited
The rating expires on 30 June 2020.
The rating assigned to SunTrust Bank Nigeria Limited (‘SunTrust’ or ‘the Bank’) is underpinned by acceptable liquidity and strong shareholders’ support. The rating is however constrained by weak profitability, high impaired credits, concentration in the loan book, high funding costs and low market share. We note positively, various initiatives introduced by the new management team to reposition the Bank as an emerging commercial bank on a growth trajectory.