Access Bank plc achieved the
“A+” by actualising a good liquidity position, satisfactory capitalisation, as
well as improved risk management framework which had a positive impact on asset
quality, according to Agusto & Co.
While reacting to the
rating, Herbert Wigwe, group managing director Access Bank plc, said,
“This is
an affirmation of the bank’s strong liquidity and funding position which is
also a confirmation of its position as one of Nigeria’s foremost tier-1 banks.”
The rating cements Access
Bank’s position as a Systemically Important Banking Institution (SIBI) in
Nigeria and reflects the full synergy of the merger with Intercontinental Bank
plc.
The rating agency stated in
its report that the bank’s extensive network of 310 branches and cash centres
have created improved visibility among the banking population which has
translated to a significant market share across the key market indicators.
Non-performing loans (NPLs)
to gross loans ratio stood at 2.4 percent – the lowest recorded in the last
five years – and compares favourably with the industry average of 3.6 percent.
The report further states
that “Access Bank’s improved rating further corroborates the bank’s enhanced
capacity to execute larger transactions as well as access long-term funding
from local and foreign multilateral agencies and institutions.”
This was further confirmed
in the successful tier-II capital of $400 million Eurobond recently raised by
the bank. This will provide sufficient headroom for the bank to achieve its
targeted 20 percent asset growth in 2014.
Wigwe further noted that
“the upgrade is yet another testament to the bank’s continued focus on
sustainable banking and a reminder of its commitment to becoming the world’s
most respected African bank”, while expressing his gratitude to members of
staff for their steadfast contribution to the growth of the bank.
BusinessDay
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