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Fitch Upgrades Access Bank’s Ratings

By on June 25, 2012

International Credit Ratings Agency, Fitch has upgraded Access Bank’s ratings from “B-” to “B” following the lender’s successful acquisition of Intercontinental bank.

In its report, Fitch explained, “At the same time, the bank’s national long-term rating was upgraded to ‘A-(nga)’ from ‘BBB-(nga)’ and its national short-term rating to ‘F2(nga)’ from ‘F3(nga)’. The ratings upgrades reflect Fitch’s view of an increased likelihood of support for Access from the Nigerian authorities if needed.

“This is driven by Access’s perceived increased systemic importance and enhanced franchise following its absorption of the acquired rescued bank, Intercontinental Bank Plc. The combined entity, which was consolidated at end-2011, controls about 8.5 per cent of system assets.”

Access Bank joined the league of top-tier banks in the country upon it successful acquisition of Intercontinental Bank. The company posted record Q1 earnings of N 63 billion.

Speaking on the performance earlier this year, the Managing Director of Access Bank, Aigboje Aig-Imoukhuede said, “Our 2012 first quarter performance provides encouraging returns Access Bank is able to generate from its enlarged balanced sheet combined with our signature innovative and efficient management. With profit before tax already twice as high as this time last year, robust capital adequacy and low and stable impairment charges the Bank is firmly on course towards delivering competitive double digit returns to shareholders in 2012 and beyond.”