The rating expires on 31 December 2022
Agusto & Co. hereby affirms the “Bbb” rating of Nova Merchant Bank Limited (‘Nova MBL’ or ‘the Bank’). Nova MBL’s rating is upheld by its good capitalisation, good asset quality and good profitability. The rating is however constrained by the obligor and sectoral concentration in the loan book, high turnover in the senior management team, a concentrated deposit base which is tilted largely to more expensive funding sources (typical of merchant banks in Nigeria), slow economic recovery from the pandemic and changing regulations in the Nigerian banking industry.
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