Fitch Affirms ‘B-’ Rating for Coronation Merchant Bank

Fitch Ratings has affirmed Coronation Merchant Bank Limited’s (CMB) Long-Term Issuer Default Rating (IDR) at ‘B-‘ with a Stable Outlook.

According to the global rating agency, “the bank’s sound asset-quality record, adequate capitalisation and performance” are rating strengths. “Management quality is a rating strength. Coronation Merchant Bank has recorded zero Stage 3 and Stage 2 loans since converting to a merchant bank in 2015 despite volatile market conditions, reflecting its prudent underwriting standards and risk controls.”

Commenting on the development, Banjo Adegbohungbe, Managing Director/Chief Executive Officer, Coronation Merchant Bank, stated,  “The affirmation of our risk rating by Fitch validates the strength of our business model and our capacity to continue to support our customers while playing our part in the recovery of the Nigerian economy.”

For Chukwukadibia Okoye, the Chief Financial Officer, Coronation Merchant Bank, added that “this affirmation attests to our very healthy balance sheet as we strive to deliver sustainable growth despite macroeconomic and regulatory headwinds.”