The rating expires on 30 June 2023.
Agusto & Co. hereby upgrade the rating of Wema Bank Plc (“Wema Bank” or “the Bank”) to “Bbb”. The rating reflects the Bank’s moderate retail franchise, particularly in the South-West region and the well-experienced management team. We have also factored in Wema Bank’s improving profitability ratios, good liquidity profile and acceptable asset quality. However, offsetting these positive factors are the low market share, elevated cost profile, and prevailing macroeconomic and regulatory headwinds which restrain Wema Bank’s profitability metrics. An ESG score of “3” has also been attached to the rating of Wema Bank reflecting that environmental, social and governance issues have a material impact on the assigned rating.
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