Agusto & Co has affirmed the reputable A+ rating to Nigeria’s leading financial institution, Coronation Merchant Bank in its recently released Rating Report.
According to Agusto, the rating reflects the bank’s good asset quality, good liquidity profile, adequate capitalization, and an experienced management team.
The agency added that “Coronation Merchant Bank did not record any impaired loans and had stage 1 classification for the entire loan book, which is further supported by the fact that most of the bank’s credit facilities are short-dated and adequately collateralized.”
Speaking on this rating, Banjo Adegbohungbe, Managing Director/Chief Executive Officer, Coronation Merchant Bank stated, “The affirmation of our A+ rating from Agusto & Co. validates our strategy and highlights our strengths and resilience in the face of multiple headwinds.”
“We are well positioned to support the recovery of the Nigerian economy and the aspirations of our customers” he added.
Also commenting on the report, Chukwukadibia Okoye, Chief Financial Officer, Coronation Merchant Bank enthused, “this rating highlights the strength and resilience of Bank , anchored on our robust risk management practices.”
