Dev. Finance
Agusto & Co. affirms the ‘Bbb-’ rating assigned to Providus Bank Limited, with a stable outlook
Agusto & Co. hereby affirms the ‘Bbb-’ rating assigned to Providus Bank Limited (“Providus Bank” or “the Bank”). The rating reflects the Bank’s satisfactory profitability and good liquidity profile bolstered by its affinity with financial technology operators (FinTechs).
The rating also reflects Providus Bank’s experienced and stable management team, in addition to good shareholder support evidenced by the ₦6.5 billion additional capital raised during the review period. However, constraining the rating is the obligor concentration in the loan book, the fragile macroeconomy and the arbitrary cash reserve requirement policy which continues to adversely impact profitability.
Author
Add your voice
0 comments
FuturizeU supports development of innovative healthcare products in Africa
Futurize and AstraZeneca are investing in social entrepreneurs who are developing innovative products that are addressing healthcare equity and early...
Saudi Fund for Development advocates Climate Change Mitigation, Social Infrastructure Investments in Africa
The Saudi Fund for Development (SFD) has advocated for the preservation of heritage projects in Africa through initiatives such...
Catalyst Fund Raises First Round of $40 million investment in African Climate Startups
The Catalyst Fund has achieved the initial close of its $40 million fund for investing in climate startups in Africa....
Paystack CEO, Shola Akinlade, buys majority stake in Aarhus Fremad
A Danish football club, Aarhus Fremad announced on Tuesday that it has sold 55 percent of its shares to the...
MRI is increasing survival rate of women with breast cancer- PPC
PPC Limited, Nigeria’s leading engineering and infrastructure development company with footprints across Nigeria’s healthcare landscape, says that the advancement of...
Appeal court upholds Senator Ademola Adeleke’s win in Osun
The Court of Appeal Abuja has overturned the ruling of the Osun State Governorship tribunal and has declared Senator Ademola Adeleke...
Lawmaker demands revamp of bank e-payment platforms
The members of the House of Representatives have demanded that the Central Bank of Nigeria (CBN) direct banks to revamp...
We’ve disbursed N20bn to alleviate cash crunch, CBN tells NLC
The Central Bank of Nigeria (CBN) met with the leadership of the Nigeria Labour Congress (NLC) in Abuja on Thursday,...
Apply for Amazon Accelerator programme for fintech founders
Application closes April 27, 2023 Today, Amazon Web Services’ Startup Loft Accelerator team announced the inaugural launch of its AWS...
Fully Funded Rotary Peace Fellowships for Masters students
Application Deadline: May 15, 2023 Each year, Rotary awards fully funded fellowships for dedicated leaders from around the world to...
