Foremost rating agency, Agusto & Co has raised Access Bank Plc rating from “A+” to “Aa-”, with a stable outlook. The upgrade reflects Access Bank’s strong financial profile, resilient profitability levels and solid 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 by the bank’s strong domestic presence supported by extensive branch network, good liquidity profile as well as the experience and skill of its management team.
Speaking on the new rating, Group Managing Director/Chief Executive, Access Bank Plc, Herbert Wigwe, said: “The rating only goes to confirm our consistency over the years in delivering superior value to our stakeholders in line with our vision to be the world’s most respected African bank. The upgrade in the bank’s outlook reflects our commitment to the core values of innovation, professionalism and devotion to excellence in our operations and service delivery.”
The rating upgrade reflects Agusto & Co’s view that Access Bank has strengthened its risk profile, deepened its retail banking drive by creating a digital business through its digital strategy, embraced a cost reduction programme and the use of value chain strategy to capture small businesses in the retail segment of the market.
This further supported by the bank’s five-year strategic plan to rank among the top three banks 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 the third largest bank on the basis of its total assets and contingents of N3.3trillion as at 31 December 2016.