A foremost rating agency in Nigeria, Agusto & Co has affirmed the A+ rating assigned to Coronation Merchant Bank with stable outlook.
A recently released Rating Report by Agusto & Co observed that Coronation Merchant Bank remains one of the top rated merchant Banks in Nigeria.
In the Report, Augusto stated that the rating reflects the Bank’s position in the merchant banking space, good capitalisation, good asset quality and good liquidity position. In preparing the report, the agency took into cognisance the impact of the COVID-19 pandemic, which has led to severe uncertainty surrounding the Nigerian economy.
A review of the Bank’s financial performance showed that as at December 31, 2019, the Bank’s gross loans and advances stood at ?72.7 billion, representing a year-on-year increase of 33.9%. As at FYE 2019, the Bank did not record any credit deterioration with the entire credit portfolio classified under stage 1. Core capital grew by 6.3% to ?33.7 billion as at FYE 2019, more than double the regulatory minimum for merchant banks operating in Nigeria. As at the same date, the Bank’s capital adequacy ratio stood at 19.2 per cent surpassing the 10 per cent regulatory threshold.
As at March 2020, Coronation MB had about $310 million in trade finance lines including a $40 million trade finance guarantee facility obtained from the International Finance Corporation (IFC). The Bank’s intended five-year bond is also expected to support funding stability. Overall, the rating agency is of the opinion that the Bank is adequately positioned to grow business volumes, albeit moderated by the prevailing economic conditions.
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