Agusto & Co. and GCR Ratings Upgrade Globus Bank’s Credit Ratings

Globus Bank Limited, a national commercial bank in Nigeria, has seen its credit ratings upgraded by two leading agencies, Agusto & Co. and GCR Ratings. Agusto & Co. raised the bank's ratings to "A+" (Long Term) and "A1" (Short Term), with a Stable Outlook. GCR Ratings upgraded its national scale ratings to BBB+(NG) for the Long-Term Issuer rating and A2(NG) for the Short-Term Issuer rating, also maintaining a Stable Outlook. These upgrades signal the bank's strengthening financial profile.

The agencies cited improved capitalization, sound asset quality characterized by zero impaired loans, strong profitability, and robust liquidity as key factors. In the financial year ending December 31, 2025, Globus Bank's total assets and contingents surged by 77.4% to ₦3.5 trillion. Total assets alone grew 63.8% to ₦2.6 trillion, further increasing to ₦3.3 trillion by April 30, 2026. Both rating agencies view this growth as evidence of the bank's strengthening balance sheet.

Agusto & Co. highlighted the bank's enhanced capital buffers, which increased by ₦108.9 billion in additional capital, raising the capital adequacy ratio (CAR) to 23.7% by the end of FY2025, well above the 10% regulatory minimum. Following regulatory approval, paid-up capital reached ₦200.7 billion by March 31, 2026, exceeding the ₦200 billion minimum for a national bank and pushing the CAR to 25% by April 30, 2026. The bank maintained a nil impaired loan ratio, an improvement from the previous year. Pre-tax profit soared 93.1% to ₦107.7 billion, with a pre-tax return on average equity of 41.8%, significantly outperforming the banking industry average of 32%. Liquidity remained strong, with the liquidity ratio rising to 87%, far exceeding the 30% regulatory minimum.

GCR Ratings' rationale also focused on strengthened capitalization, with Globus Bank raising ₦102 billion through rights issues and private placements. This boosted its GCR core capital ratio to 25.2% as of April 30, 2026, up from 21.2% at the end of 2025. The bank has sustained zero non-performing loans since its inception, attributed to stringent underwriting and credit monitoring. Obligor concentration has also eased, with the twenty largest obligors representing 47.1% of gross loans in April 2026, a decrease from 76.0% at the end of 2025. The bank's funding and liquidity strength were also noted as key contributors to the upgrade.