LAGOS, NIGERIA — Globus Bank Limited, a national commercial bank in Nigeria, has secured credit rating upgrades from two of the industry’s leading agencies, reinforcing the Bank’s strengthening financial profile. Agusto & Co. has upgraded the Bank’s ratings to “A+” (Long Term) and “A1” (Short Term), from “A”, with a Stable Outlook. GCR Ratings (GCR) also upgraded the Bank’s national scale ratings to BBB+(NG) for the Long-Term Issuer rating and A2(NG) for the Short-Term Issuer rating, from BBB(NG) and A3(NG) respectively, also with the Outlook maintained at Stable.
Both upgrades point to the same underlying story: improved capitalisation, sound asset quality, zero impaired loans, strong profitability, and robust liquidity. In the financial year ended 31 December 2025, Globus Bank’s total assets and contingents grew 77.4% to ₦3.5 trillion, while total assets alone grew 63.8% to ₦2.6 trillion, rising further to ₦3.3 trillion as of 30 April 2026, growth that both rating agencies cite as evidence of the Bank’s strengthening balance sheet.
Agusto & Co.: Capitalisation, Asset Quality and Profitability Drive the Upgrade
Agusto & Co.’s upgrade rests on the Bank’s improved capitalisation, nil impaired loans, good profitability, and strong liquidity, tempered by concentration in the loan book and deposit base. During the year under review, Globus Bank’s capital buffers were strengthened by ₦108.9 billion in additional capital, lifting the capital adequacy ratio (CAR) to 23.7% as at FYE 2025, well above the 10% regulatory minimum. Following regulatory approval of the additional capital, paid-up capital rose to ₦200.7 billion by 31 March 2026, above the ₦200 billion regulatory minimum for a national bank, lifting the CAR further to 25% as at 30 April 2026.
Asset quality remained a core strength, with a nil impaired loan ratio as at FYE 2025, better than the 0.1% recorded the prior year. Profitability was similarly strong: pre-tax profit surged 93.1% to ₦107.7 billion, with a pre-tax return on average equity of 41.8%, significantly ahead of the 32% banking industry average. Liquidity remained robust, with the liquidity ratio rising to 87% (FYE 2024: 66%), well above the 30% regulatory minimum.
GCR: Capital, Asset Quality and Liquidity Drive the Upgrade
GCR’s rating rationale similarly rests on three pillars central to the Bank’s improved credit profile. First, strengthened capitalisation: Globus Bank raised ₦102 billion through rights issues and private placements to meet the capital requirements for its licence category, lifting its GCR core capital ratio to 25.2% as of 30 April 2026, up from 21.2% at year-end 2025. Second, sound risk management: the Bank has sustained zero non-performing loans since inception, supported by stringent underwriting and credit monitoring; obligor concentration also eased, with the twenty largest obligors accounting for 47.1% of gross loans in April 2026, down from 76.0% at year-end 2025. Third, funding and liquidity strength: the Bank’s regulatory liquidity ratio has consistently exceeded 100%, well above the 30% regulatory minimum, while customer deposits grew by over 70% in 2025.
“These upgrades are a validation of the disciplined choices we have made in how we raise capital, how we manage risk, and how we grow deposits. Our strengthened capital base gives us the firepower to grow, lend, and withstand shocks that would buckle weaker institutions. Our nil impaired loan record is the product of a disciplined review process, rigorous credit monitoring, strong corporate governance, and a culture that takes risk seriously every day. And the trust our customers place in us is reflected in a deposit base. Receiving these affirmations from two independent agencies within the same year strengthens our resolve to do more for the Nigerian economy.”
Elias Igbinakenzua, MD/CEO, Globus Bank Limited
Building on a Multi-Agency Ratings Profile
Together, the Agusto & Co. and GCR upgrades add to a strengthening multi-agency ratings profile for Globus Bank, which also includes the Bank’s inaugural Fitch Ratings assignment in April 2026 — a Long-Term Issuer Default Rating of ‘B-’ with a Stable Outlook and a National Long-Term Rating of ‘BBB(nga)’, also with a Stable Outlook. Globus Bank now holds concurrent, improving assessments from three leading credit rating agencies, a distinction held by only a small group of Nigerian banks, reinforcing its visibility with investors, correspondent banks, and trade finance counterparties.
Outlook and Rating Triggers
Agusto & Co.’s Stable Outlook reflects its expectation that the deployment of the Bank’s additional capital will sustain profitability in the near term. GCR’s Stable Outlook similarly reflects its expectation that Globus Bank’s core capital ratio will be sustained between 22.5% and 25.0% over the next 12–18 months, supported by internal capital generation and the Bank’s strengthened capital base, while asset quality metrics remain sound and liquidity stays robust. According to GCR, a further upgrade could be triggered by a significant increase in market share, a core capital ratio sustained above 25%, and continued reduction in concentration risk across both the deposit and loan books.
Building for the Future
Globus Bank currently operates from over 50 branches, covering the six geopolitical zones of Nigeria. With a strengthened capital base, an improving multi-agency credit profile, and expanding retail, corporate, and digital banking capabilities, the Bank is well poised to grow its market share consistently and profitably, delivering lasting value to all its stakeholders.
The post Agusto & Co. and GCR Ratings Upgrade Globus Bank’s Credit Ratings appeared first on Vanguard News.