DataPro Limited has affirmed BBB- rating to leading pan-African Financial and Investment Conglomerate, CITITRUST Holdings Plc.
DataPro, in its rating note, explained that “the Long-Term Rating of BBB- indicates a fair financial strength, Operating Performance and Business Profile when compared to the standard established by its firm. It reflects CITITRUST’s diversified revenue profile and improved capitalization, and in their opinion, CITITRUST can meet its ongoing obligations, nonetheless, vulnerable to adverse changes in economic conditions,” the rating company affirmed.
“CITITRUST grew its revenue significantly in the year 2021. Revenue grew by 137% from N4b (Yr. 20) to N9.5b (Yr. 21). In 2021, The Group generated revenue principally from Interest income, fees and commissions, as well as other operating Income. All income lines grew during the year which contributed to the overall growth in revenue. The most remarkable growth was recorded in Interest Income. It grew by 129% from N1.7b (Yr. 20) to N3.9b (Yr. 21). Interest based earnings was also the major contributor during the year 2021. It contributed 42%. However, fees and commission accounted for the least revenue contribution at 19%. Other operating income consisted of sale of foreign currency, banking services, and gain on disposal of unquoted Investment. The gains from disposals was the main driver for growth in other operating income as it increased from N1.7b (Yr. 20) to N3.1b (Yr. 21)”.
“The risk factors were assessed using the Group’s capitalization, earnings profile, liquidity, corporate governance, regulatory compliance and sustainability of its current healthy profile in the medium to long term period,” the statement clarified.
Speaking on the development, Yemi Adefisan, the Group Chief Executive Officer, CITITRUST Holdings Plc, remarked that “the rating aligns with the company’s long-standing business model and an attestation to our resilience to deliver sustainable growth despite macroeconomic and regulatory headwinds, whilst playing a vital role in financial intermediation in the markets where we have presence” he said.
Just recently, the company, CITITRUST, successfully announced its admission to the NASD OTC Securities Exchange platform as a demonstration of its viability and the transparency of its business operations in adherence to best practices and ethical standard.About CITITRUST
CITITRUST Holdings Plc is a foremost financial solutions provider. The firm has been an intricate part of the Nigerian economy since 2007, and has grown and evolved over the years into an award-winning market leader in the financial services sub-sector of the Nigerian economy. The company offers Commercial Banking, Corporate & Investment Banking, Private Banking, Wealth Management, and Stock Brokerage services to its niche clientele. It presently has subsidiaries located in Nigeria and West Africa.
The company has been the recipient of numerous international and national awards, some of which are: Financial Brand of the year, Global Financial Brand, and Best Investment Holding Company.