Fitch Ratings, a global leader in credit ratings and research has affirmed the Long-term National Rating of Wema Bank at BBB-. The organisation affirmed Wema Bank’s Viability Rating(VR) which showed a stable outlook.
Results from the rating showed that the banking industry will remain challenging considering low oil prices, continued disruptions in oil production and constraints regarding the Forex liquidity.
It predicted a rise in non-performing loan (NPL) ratios even though Fitch expects banks to remain profitable in 2016.
Meanwhile, the Long-term Issuer Default Ratings (IDR) of Wema Bank have remained Stable at B-, as the rating is driven by Wema’s Viability Ratings (VR). The Bank said it does not expect any material change in the Bank’s intrinsic creditworthiness.
Moreso, the Bank believes the rating is reflective of its stable outlook and continued viability, in spite of the challenging macro-economic environment.
While commenting on the rating, Managing Director of Wema Bank Plc, Segun Oloketuyi, stated that the rating is an affirmation of the Bank’s continued transformation, risk culture and positioning, as one of the major players within Nigeria’s Retail Banking Landscape.
Wema Bank’s strengths, which underpins its long and short-term ratings, include the bank’s strong risk management culture, low NPL exposure and good liquidity levels. The Bank’s affirmed rating further reinforces its resolve to remain a smarter and efficient Bank, driven by innovation and technology.
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