Rating Release
Agusto & Co. hereby assigns a “Bbb-” rating to TrustBanc Holdings Limited
The rating expires on 30 June 2023.
Agusto & Co. hereby assigns a “Bbb-” rating to TrustBanc Holdings Limited (“TrustBanc” or “the Group”). The rating is supported by TrustBanc’s low non-performing loan (NPL) ratio, satisfactory capitalisation, good ability to refinance from the money market, acceptable leverage and experienced management team. However, the rating is constrained by the Group’s concentration in funding, weak profitability, concentration in asset portfolios and key man risk. We have also considered the impact of the global and domestic economic challenges on TrustBanc’s businesses.
TrustBanc is an integrated financial services group with three operating subsidiaries – TrustBanc Asset Management (“TrustBanc AM”), TrustBanc J6 Microfinance Bank (“TrustBanc MFB”) and TrustBanc Capital Management (“TrustBanc CM”) – that provide portfolio and fund management, microfinance banking and securities trading services to individuals and institutional clients respectively. The Group had funds under management (FuM) of ₦21.1 billion as of 31 October 2022.