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TAJBank earns short-term A2 rating

TAJBank reports N11.3bn profit, highest of non-interest banking

DataPro, the Technology-Driven Credit Rating Agency (CRA) has in its latest report assigned a Short-Term rating of A2 and Long-Term of BBB to TAJBank Limited with a Stable outlook.

The Rating shows Fair Financial Strength, Operating Performance and Business Profile when compared to the standard established by DataPro.

The Bank, in the opinion of the Rating Agency has the ability to meet its ongoing obligations.

The DataPro Rating Committee approved the Rating after assessment of the Company’s Financial Performance, Capital Adequacy, Asset Quality, Liquidity, Profitability, Corporate Governance & Risk Management, Risk Factors and Future Outlook of its current healthy profile in the medium to long-term period.

The Bank’s performance gained traction in just six months of operation during the year 2021. Gross Earning recorded during this period already amounted to 84 percent of previous year Total Income. Aside the Gross Earnings, other Key Financial Indicators had grown significantly as at half year end 2021.

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All other profitability indices also went up during the year under review. The 2021 half year result of the Bank also revealed that the Bank’s Profit Before Tax had gone up.

The Rating of TAJBank Limited is supported by its Very Good Liquidity Position, Good Profitability and Asset Quality.

The Rating indicates Fair Credit Quality and adequate capacity for timely payment of financial commitments.

DataPro notes that the Rating carries a maximum shelf life of 12 calendar months, in line with international best practice. The Rating according to DataPro is not an offer to trade in Securities nor a substitute for the user’s judgement. It is meant for reference purposes