Nigeria’s main ratings Agency Agusto & co. has upgraded the country’s banking sector ratings by one notch to “BBB” from “BB” citing a stable outlook, improved earnings and capital ratios.
Nigerian lenders staged a sharp recovery during the first half of the year, after some banks sold bad loans worth over N1.5 trillion to AMCON, freeing up their balance sheets and focusing more on creating risk assets.
The agency said non-performing loans declined to N328 billion representing 4.8 per cent of loans in 2011, compared with an impaired loan ratio of 16 per cent in 2010.
Two weeks ago, global ratings agency Fitch said Nigerian banks continued to face challenges despite AMCON’s support and that credit had grown rapidly by 30-66 per cent in 2011.
It said lenders had thin levels of “core capital”.
There was no immediate comment from Israel, which has stepped up strikes on Iran-linked militant…
“It is important to note that the previous Zamfara State Government floated a N20 billion…
Security agencies are yet to also comment on the matter as of now.
The national grid has collapsed twice this year, plunging millions of Nigerians into darkness. It…
It also said that penalties for the offences committed by the students included rustication for…
Scam compounds have flourished in Myanmar, staffed by citizens from China and other countries who…
