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 andsolid 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 bythe 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 indelivering superior value to our stakeholders in line with our vision to be the world’smost respected African bank.
The upgrade in the Bank’s outlook reflects ourcommitment to the core values of innovation, professionalism and devotion toexcellence in our operations and service delivery.”
The rating upgrade reflects Agusto & Co’s view that Access Bank has strengthened itsrisk profile, deepened its retail banking drive by creating a digital business through itsdigital strategy, embraced a cost reduction programme and the use of value chainstrategy 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 3banks 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 thethird largest bank on the basis of its total assets and contingents of N3.3trillion as at 31December 2016.