Rating Release
Agusto & Co. upgrades Wema Bank Limited rating to ‘A-’ (long term) and ‘A1’ (short term), with a stable outlook
The rating expires on 30 June 2026.
Agusto & Co. upgrades the rating of Wema Bank Plc (“Wema Bank” or “the Bank”) to “A-” (long term) and “A1” (short term) underpinned by improving business risk profile driven by better and more sustainable profitability, improved operating efficiency, good liquidity profile and strong shareholders’ support as reflected in the successful rights issue exercise. However, relatively concentrated deposit base, low market share and raging macroeconomic strains offset these positive factors. We have also attached a “2” ESG score reflecting our view that environmental, social, and governance issues have a minimal impact on the Bank’s rating.
