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Credit Rating Assigned – National Rating A
Outlook Stable
Issue Date 10 AUGUST 2022
Expiry Date 30 JUNE 2023
Previous Rating A
Industry Banking
Rating Agency AGUSTO & CO. LIMITED, NIGERIA
The rating assigned to FSDH Merchant Bank Limited (‘FSDH or the Bank’) is underpinned by good capitalization, good liquidity, good profitability and an experienced management team. FSDH’s profitability was considerably strengthened because of lower funding cost, an improvement in asset quality and moderated operating expenses despite inflationary pressures. Profit before taxation increased by 34.4% to N5.2billion, the highest in the bank’s history. The rating is however constrained by the fragile state of the Nigerian economy.
Credit Rating Assigned A-
Outlook Stable
Issue Date OCTOBER 2020
Expiry Date OCTOBER 2022
Previous Rating A-
Industry Banking
Rating Agency GCR
The rating accorded FSDH Merchant Bank Limited’s (‘FSDH or the bank’) takes into consideration the bank’s position as flagship member FSDH Holdings Company Limited. It also considers the bank’s sustained capitalization and liquidity metrics over the period.
Credit Rating Assigned – Foreign Currency B-
Outlook Stable
Issue Date 10 AUGUST 2022
Expiry Date 30 JUNE 2023
Previous Rating B
Industry Banking
Rating Agency AGUSTO & CO. LIMITED, NIGERIA
The rating assigned to FSDH Merchant Bank Limited (‘FSDH or the Bank’) is underpinned by good capitalization, good liquidity and an experienced management team. The rating is however constrained by the fragile state of the Nigerian economy.
FSDH’s assigned FCY rating is reflective of the risk rating of the Federal Republic of Nigeria with a sovereign rating of ‘B’ assigned by Agusto & Co.
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