Rating Release

Agusto & Co. upgrades PremiumTrust Bank Limited’s (“PTBank” or “the Bank”) ratings to “A-” (long term) and “A1” (short term), with a stable outlook  

The ratings expire on 30 June 2027. 

Agusto & Co. upgrades PremiumTrust Bank Limited’s (“PTBank” or “the Bank”) ratings to “A-” (long term) and “A1” (short term) on the back of good capitalisation, good asset quality though we note it remains untested given the limited track, good liquidity profile and strong profitability. Notwithstanding these positive factors, the ratings are constrained by concentration in the loan book and the deposit base as well as low market share of the banking industry’s resources given its age.  A “3” ESG score has also been attached to the ratings, reflecting our view that environmental, social, and governance issues have a material contribution to the Bank’s credit risk profile, with governance being the primary driver, underpinned by board independence shortfalls, a regulatory penalty for AML/CFT/CPF breaches, and weak gender diversity relative to Central Bank of Nigeria guidance