Providus Bank Retains ‘A-’ Rating With Outlook Stable

0
100

DataPro, the technology-driven credit rating agency (CRA), has, in its latest report, affirmed Providus Bank Plc long-term rating of ‘A-’ with a stable outlook for the year 2021/2022.

In a release signed by Kehinde Rasheed, Client Services Manager of DataPro, “The ‘A-’ indicates low risk, very good financial strength, operating performance and business profile when compared to the standard established by DataPro.

It said, “DataPro Rating Committee approved the rating after assessment of the company’s financial performance, capital adequacy, asset quality, liquidity, profitability, corporate governance & risk management as well as risk factors of its current healthy profile in the medium to long-term period.

Providus Bank Retains ‘A-’ Rating With Outlook Stable

“The rating of Providus Bank Plc is also supported by its strong brand presence and market share of its subsidiaries, experienced management team and good liquidity position.

“Providus Bank Plc had a short-term rating of “A1”, which indicates good credit quality and satisfactory capacity for timely payment of financial commitments.”