– The rating expires on 30 June 2020
Agusto& Co. assigns a ‘Bb’ rating to SunTrust Bank Nigeria Limited – Nigeria’s first credit Rating Agency and a pan African leader in credit reports, Agusto & Co. limited whose strong credibility presence and ratings are globally accepted in Nigeria, and across the globe has just assigned a “Bb” rating to SunTrust Bank Nigeria Limited.
The rating assigned to SunTrust Bank Nigeria Limited (‘SunTrust’ or ‘the Bank’) is underpinned by acceptable liquidity and strong shareholders’ support. The rating is constrained by weak profitability, high impaired credits, concentration in the loan book, high funding costs and low market share.
However, we note positively, various initiatives introduced by the new management team to reposition the Bank as an emerging commercial bank on a growth trajectory.
According to Agusto & Co. 2019 Bank Industry Report, Nigerian banks continue to display resilience despite macroeconomic, operational and regulatory setbacks. This resilience is expected to persist on the back of untapped opportunities in the large proportion of unbanked businesses and the retail segment.
With the five recently licensed banks in the first half of 2019, the competitive landscape in the Industry is expected to intensify. Operators that would thrive in this environment would be banks that embrace technology and innovation in product development and service delivery.
Partnerships with financial technology firms and improved agency banking activities would help drive financial inclusion in the country. While the large corporates continue to account for a significant portion of the Industry’s revenue, Agusto & Co. envisages a moderate rise in commercial, retail and SME income in the medium term driven by regulatory mandates from the apex bank.
The Industry’s profitability outlook will depend on its ability to curtail additional losses from its set to enlarge loan book, drive non-interest income through the onboarding of more clients to electronic banking platforms and increase trading activities in currency and securities.
Cost management initiatives on variable cost components are vital to offset rising regulatory obligations, particularly AMCON levies and NDIC fees.
*GOOD DAY MA/SIR*
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INTRODUCTION
Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.
CONTACT NAME:- ELIZABETH TINA
HOT LINE:+2349036369810
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