Agusto upgrades Access Bank’s rating to Aa- with a stable outlook

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In its recent rating review of Access Bank Plc, foremost rating agency in Nigeria, Agusto & Co, has raised the Bank’s rating from “A+” to “Aa-”, with a stable outlook. The upgrade reflects Access Bank’s strong financial profile, resilient profitability levels and solid capital position.

Agusto & Co also recognised Access Bank as an institution of very good financial condition and strong capacity to meet its obligations. The rating is further supported by the Bank’s strong domestic presence supported by extensive branch network, good liquidity profile as well as experience and skill of its management team.

Speaking on the new rating, Group Managing Director/CEO, Access Bank Plc, Herbert Wigwe, said, “The rating only goes to confirm our consistency over the years in delivering superior value to our stakeholders in line with our vision to be the world’s most respected African bank. The upgrade in the Bank’s outlook reflects our commitment to the core values of innovation, professionalism and devotion to excellence in our operations and service delivery.”

The rating upgrade reflects Agusto & Co’s view that Access Bank has strengthened its risk profile, deepened its retail banking drive by creating a digital business through its digital strategy, embraced a cost reduction programme and the use of value chain strategy to capture small businesses in the retail segment of the market.

This further supported by the Bank’s 5 year strategic plan to rank among the top 3 banks in its chosen markets and across financial metrics by the end of 2017. It has translated to a growth in market share for Access Bank with the Bank becoming the third largest bank on the basis of its total assets and contingents of N3.3trillion as at 31 December 2016.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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