The approval aims to strengthen the bank’s position as a leading lender in the public sector and support its expansion into other retail lending segments. Additionally, DataPro has upgraded TrustBanc’s rating from A to A+ with a stable outlook, indicating low risk and reflecting the group’s strong financial strength, excellent operating performance, and growing business profile.
During the year under review, TrustBanc’s shareholders’ fund grew from N2.9 billion to N11 billion, well above the regulatory capital requirement of N550 million stipulated by the Securities & Exchange Commission and the Central Bank of Nigeria for the group’s subsidiary companies. DataPro’s analysis shows that TrustBanc’s assets mainly consist of liquid assets, accounting for 89% of the total assets as of the end of 2022.
In addition, TrustBanc successfully redeemed its series 11 Commercial Paper issue, totaling N4.9 billion. This marked the fourth successful redemption in 2023, following earlier redemptions of series 8, 9, and 10, amounting to N5.96 billion. The company’s ability to fulfill its financial obligations demonstrates its trustworthiness to subscribers and the market.
The Group Chief Executive Officer of TrustBanc, Abu Jimoh, expressed appreciation to the holders of the commercial paper and highlighted the company’s strong financial performance, robust business model, and growth strategy. TrustBanc has been recognized for its contributions to the development of the Commercial Paper market and was nominated for the largest commercial paper lodgment on FMDQ (Nigeria’s over-the-counter securities exchange) in the previous year.
Dealers involved in the commercial paper issue included UCML Capital Limited, United Capital Plc, and Emerging Africa Group. Egie Akpata, a director at UCML Capital Limited, emphasized that TrustBanc’s ability to honor its financial obligations confirms its trustworthiness to subscribers and the market.
