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DataPro re-affirms Sterling Bank’s BBB rating

By Babatunde Oso
22 July 2015   |   1:44 am
DataPro, a leading Credit Rating Agency (CRA) yesterday re-affirmed Sterling Bank long-term rating of BBB with a stable outlook for the year 2015/2016 A release signed by DataPro Managing Director/CEO, Abimbola Adeseyoju said the BBB rating indicates that the bank has a fair financial strength, operating performance and business profile when compared to the established standards.
Sterling Bank

Sterling Bank

DataPro, a leading Credit Rating Agency (CRA) yesterday re-affirmed Sterling Bank long-term rating of BBB with a stable outlook for the year 2015/2016 A release signed by DataPro Managing Director/CEO, Abimbola Adeseyoju said the BBB rating indicates that the bank has a fair financial strength, operating performance and business profile when compared to the established standards.

It further indicates that the bank has the ability to meet its on-going obligations subject to adverse changes in economic conditions. DataPro is registered by the Securities & Exchange Commission (SEC) as a CRA in Nigeria.

Adeseyoju added that the DataPro rating committee approved the rating after a review of the bank’s Capitalization, Earnings profile, Liquidity, Quality of assets and Sustainability of its current healthy profile in the medium to long-term period.

“The rating is supported by the bank’s stable management, good capitalisation and strong asset quality. The rating took note of the fact that the bank capital adequacy ratio for the reviewed period was 14% against the regulatory requirement of 10%. Its non-performing loans ratio of 2.5% is also below the statutory regulatory limit of 5%,” the statement said.

According to Adeseyoju, Sterling Bank subsequently got a short term rating of A2. This reflects the bank’s capacity for timely payment of financial commitments.

“In conclusion, please note that in line with international best practice this rating carries a maximum shelf life of 12 calendar months.

It should also be noted that the rating is not an offer to trade in securities and a substitute for the user’s judgement. It is meant for reference purposes,” he said. DataPro Limited is regarded today as the leading and most experienced AML/CFT Compliance Consulting and Training Company in Nigeria.

It offers AML/CFT training and consulting services to more than 60% of the banks and non-bank financial institutions in the country.

In conjunction with the Nigerian Financial Intelligence Unit/Economic & Financial Crimes Commission (NFIU/EFCC) it organizes the annual AML/CFT Compliance Stakeholders Summit.

It also acts as facilitator and resource provider for the ECOWAS funded Inter Governmental Action Group Against Money Laundering in West Africa-GIABA (The FATF-Styled regional body in West Africa responsible for AML/CFT awareness).