The Global Credit Rating agency (GCR) has recently concluded its first rating review of Wema Bank plc. The bank has received a Long Term National rating of “BBB-“ with a stable outlook and a short-term rating of A3.
This rating is similar to the previous ratings issued by Agusto & Co and Fitch Ratings. This is on the back of sustained financial performance after a successful turnaround of the bank. This investment grade rating will be the basis to continue raising debt from the public, building on the success of its Commercial Paper, issued in the second half of 2015.
In an intensely competitive industry that has been rife with profit warnings and downgrades, Wema Bank reported sustained profitable results, which is a testament to the commitment to creating value for all our stakeholders.
The bank has instituted a strategic plan, which is responsible for steering its focus to become the leading retail bank on the Nigerian banking landscape. It is on course to deliver even better results by the end of 2016, and this is expected to eventually translate to upgrades in its credit ratings.
Having recently received approval for National Authorisation, the bank is poised to expand its distinct service offerings to strategically chosen business hubs, which will add value to the bottom line.
