TAJ Bank Earns Short-term A2 Rating

DataPro has assigned TAJ Bank Limited, a short-term rating of A2 and long-term of BBB, with a stable outlook.

A statement from the rating agency yesterday said the rating shows fair financial health, 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 statement said.

“DataPro rating committee approved the rating after assessment of the company’s financial performance, capital adequacy, asset quality, liquidity, profitability, corporate governance and risk management, risk factors and future outlook of its current healthy profile in the medium to long term period,” the statement signed by its Client Service Manager, Mr. Kehinde Rasheed said.

It explained that the bank’s performance gained traction in just six months of operation in 2021, adding that gross earnings recorded during this period already amounted to 84% of previous year’s total income.

The statement said that all other indices also went up during the year under review

It’s said the rating of Taj Bank was supported by its very good liquidity position, good profitability and asset quality.

DataPro, however, clarified that the rating carried a shelve life of 12 months and that it is not an offer to trade in securities, saying it is for reference purpose only.