Credit Rating Assigned – National Rating                        A

Outlook                                                                            Stable

Issue Date                                                                        27 JULY 2023

Expiry Date                                                                      30 JUNE 2024

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.