Guaranty Trust Bank gets ‘BB’ rating
December 14th, 2006 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
Ogbuotobo Chuks
For a bank that is amongst the top 10 banking institutions in Nigeria, it is indeed noteworthy to know that Guaranty Trust Bank Plc has received a ‘BB’ long term credit rating from a global rating agency, known as Standard and Poor’s Rating service.
This ‘BB’ rating is the same as that for Nigeria. The agency also projects a stable outlook for the banks performance and corporate activities in the national operating environment in the short to medium term.
Also, the rating is said to be the first to be assigned to a Nigerian bank by the agency, and as such reflects the bank’s ability to sustain a solid franchise, good asset quality, strong capitalization and experienced management team.
GT Bank has been recognized as one of Nigeria’s most profitable banks with good fundamentals. It is also acclaimed to be a good and aggressive player in retail banking, which has caused the bank to churn out products and services aimed at making banking easy in the country.
The bank is also one of the few that did not merge during the bank consolidation era. The bank is presently having a good run on the floor of the Nigerian stock Exchange, as the price of its equity goes for about N16.00.
In 2005, Fitch rating, a leading international rating agency rated the bank a (AA-) local risk rating, while it also received a triple A (Aaa) rating by Agusto & Co, a rating agency in Nigeria.
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