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.