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Chartered Bank Moves to "AA" Rating By Olugbuyiro Akinola A foremost financial industry analysts, Agusto & Co has rated Chartered Bank Plc "AA" based on the bank's recently published fifth consecutive outstanding performance. The bank's previous rating was "A+", an upgrade from its previous "A" Grade. The rating comes on the heels of the on going reform in the baning industry. This development, analyst believe, would further boost the confidence of both customers of and investors in the bank. According to statement issued from the bank: "By this reckoning, the bank has confirmed its position among the nation's foremost banks.'' "The new ranking places Chartered Bank among the eight banks to be so highly ranked in the banking sector of about 87 banks," the statement further added. Chartered Bank, whose asset base is in excess of over N61 billion, achieved its elevated ranking as a result of :"Its sound financial condition and strong capacity to meet obligations in a timely manner. The rating is supported by very good asset quality, good and sustainable earnings and good market share," said Agusto &Co.; The report further commended the bank's loan quality, cost-to-income ratio, pre-tax return on average asset and pre-tax returns on equity as being the best among its peers. According to the agency , the AA rating was based on "its very good performance in the last two consecutive years." Similarly, the statement added that in the last five years, the bank has continually justified industry confidence with profitability rising from N318 million (2000) to N837 million (2001), N1.6 billion (2002), N2.1 billion (2003) and N2.4 billion (2004). During the period, the bank's ranking steadily moved up the ranking ladder from BBB to A, to A+ and AA. The steady run has enhanced the bank's credentials in terms of sustainable performance and has positioned it as a forerunner in the unfolding banking landscape. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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