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Agusto & Co. hereby upgrades to rating of Rand Merchant Bank Nigeria Limited to “Aa-”

Rating Release

Agusto & Co. hereby upgrades the rating of Rand Merchant Bank Nigeria Limited to “Aa-”.

The rating expires on 30 June 2020.

The rating assigned to Rand Merchant Bank Nigeria Limited (“RMBN” “the Bank”) reflects the Bank’s good profitability, good asset quality, good capitalization for current business risks and good liquidity, with operations driven by an experienced management team. The Bank’s profile is further buoyed by demonstrated support from its parent company, FirstRand Limited in various capacities, spanning risk management, customer referrals and liability generation. The Bank’s rating is however constrained by lingering concentration risks in its loan portfolio and its funding profile, as well as the lull in the macroeconomic environment in which it operates.

Given RMBN’s improved earnings and strengthened profitability profile, as well as its good liquidity track record, we hereby upgrade the Bank’s rating to “Aa-”, reflective of a financial institution of very good financial condition and strong capacity to meet its obligations.

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.