Rating Release
Agusto & Co. hereby assigns a ‘Bbb’ rating to Jubilee-Life Mortgage Bank Plc with a stable outlook
The rating expires on 30 June 2024.
Agusto & Co. hereby assigns a ‘Bbb’ rating to Jubilee-Life Mortgage Bank Plc (“Jubilee-Life”, “JLMB” or “the Mortgage Bank”). The rating reflects JLMB’s adequate capitalisation, low cost of funding, experienced management team and low leverage. However, Jubilee-Life’s rating is constrained by the subpar profitability, significant concentration in the loan portfolio and funding base and sizeable non-earning assets. We have also considered the challenging macro landscape and the attendant impact on the mortgage and real estate markets.
JLMB is licensed as a national primary mortgage bank by the Central Bank of Nigeria (CBN). As at 31 December 2022, the Mortgage Bank had total assets of ₦21.3 billion