Gets Agusto AAA rating
The Development Bank of Nigeria (DBN) has doubled its loan portfolio to N215.1 billion, as Agusto & Co. assigns a triple “A” rating, with a stable outlook to the real sector finance institution.
DBN’s Managing Director, Mr. Tony Opkanachi, who provided the loan portfolio data in a statement last week, said that his team was excited about the rating.
He said that the bank has sustained an outstanding asset quality record of zero delinquency, unique fundamentals which attest to the efficacy of its credit creation model and overall risk management culture.
He said: “Notably, the Bank maintains a BASEL II capital ratio of 75.2 per cent, several multiples of the minimum 10 per cent regulatory requirements.
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“During the review period, the liquidity ratio hovered around 84 per cent compared to the 10 per cent regulatory requirement, which by implication is an indication of DBN’s capacity to sustain the pursuit of deepening credit penetration amongst MSMEs.
“The strong financial metrics complemented by impeccable governance standards reinforce Agusto’s decision to assign “AAA” on DBN, with a stable outlook.”
Okpanachi pledged to uphold good standards in risk management and governance practices, in order to sustain the ratings, considered as pertinent to DBN’s medium to long-term objectives, as it executes its unique strategies for unlocking credit for MSMEs.
In summarizing the rating, Agusto & Co described DBN as, “a development finance institution of impeccable financial condition and overwhelming capacity to meet obligations as and when they fall due.”