Nigeria’s first credit Rating Agency and a pan African leader in credit reports, Agusto & Co. limited whose strong credibility presence and ratings are globally accepted in Nigeria, and across the globe has just assigned a “Bb” rating to SunTrust Bank Nigeria Limited.

The rating assigned to SunTrust Bank Nigeria Limited (‘SunTrust’ or ‘the Bank’) is underpinned by acceptable liquidity and strong shareholders’ support. The rating is constrained by weak profitability, high impaired credits, concentration in the loan book, high funding costs and low market share. However, we note positively, various initiatives introduced by the new management team to reposition the Bank as an emerging commercial bank on a growth trajectory.

According to Agusto & Co. 2019 Bank Industry Report, Nigerian banks continue to display resilience despite macroeconomic, operational and regulatory setbacks. This resilience is expected to persist on the back of untapped opportunities in the large proportion of unbanked businesses and the retail segment. With the five recently licensed banks in the first half of 2019, the competitive landscape in the industry is expected to intensify. Operators that would thrive in this environment would be banks that embrace technology and innovation in product development and service delivery. Partnerships with financial technology firms and improved agency banking activities would help drive financial inclusion in the country. While the large corporates continue to account for a significant portion of the Industry’s revenue, Agusto & Co. envisages a moderate rise in commercial, retail and SME income in the medium term driven by regulatory mandates from the apex bank.

The Industry’s profitability outlook will depend on its ability to curtail additional losses from its set to enlarge loan book, drive non-interest income through the onboarding of more clients to electronic banking platforms and increase trading activities in currency and securities. Cost management initiatives on variable cost components are vital to offset rising regulatory obligations, particularly AMCON levies and NDIC fees.

SOURCE:https://brandspurng.com/2019/07/25/agusto-co-assigns-a-bb-rating-to-suntrust-bank-nigeria-limited/

Suntrustbank?

MD bank
If you know, you know

paid advert on NL, if you know, you know

Isn’t sun trust bank the cloud banking they talked about some time ago?

BS

Governor Udom Emmanuel of Akwa Ibom State is rumored to be the owner of this bank. If this is true, then resources in Akwa Ibom State is in sifia pain.

There's something unclear about this bank to me. I don't understand if they are like other normal commercial banks.

Never heard of them. Where are they located?

Its not

okay

edidiongmichael:
Governor Udom Emmanuel of Akwa Ibom State is rumored to be the owner of this bank. If this is true, then resources in Akwa Ibom State is in sifia pain.

Yea strong rumour only in uyo though

Its better you dont know them! The evil you dont know will not kill you. Na rogue bank!

shekauvsbuhari:
Never heard of them. Where are they located?