Providus Bank PLC Retains “A-” Rating With Outlook Stable

DataPro, the Technology-Driven Credit Rating Agency (CRA) has in its latest report
affirms Providus Bank Plc long-term rating of “A-” with a Stable Outlook for the year
2021/2022.

The “A-” indicates Low Risk. It shows Very Good Financial Strength, Operating
Performance and Business Profile when compared to the standard established by
DataPro. Providus Bank Plc, in our opinion, has a strong ability to meet its ongoing
obligations.

DataPro Rating Committee approved the Rating after assessment of the Company’s
Financial Performance, Capital Adequacy, Asset Quality, Liquidity, Profitability,
Corporate Governance & Risk Management as well as Risk Factors of its current healthy
profile in the medium to long-term period.

The Bank’s Gross Earnings grew by 70% from N23.3b (Yr. 20) to N39.7b (Yr. 21). The
growth was supported by the increase recorded in both Interest and Non-Interest
Earnings. The Interest based income represented 74% of the Bank’s Total Earnings
during the year. This grew by 63% from N18.02b (Yr. 20) to N29.39b (Yr. 21)

The Rating of Providus Bank Plc is also supported by its strong brand presence and
market share of its subsidiaries, experienced management team and good liquidity
position.

Providus Bank Plc had a Short-Term Rating of “A1” which indicates Good Credit Quality
and satisfactory capacity for timely payment of financial commitments