FCMB Group credit rating upgraded to A-(NG) on stronger capital and earnings

The upgrade from GCR Ratings reflects improved financial metrics and capital adequacy, following a similar move for the bank's asset management arm.

By Handelsavisen Newsroom · Automated 2026-07-22 15:24 UTC · 1 min read

First City Monument Bank (FCMB) Group has seen its national scale long-term issuer rating upgraded to A-(NG) from BBB+(NG), according to a report from Leadership.

The rating agency, GCR Ratings, cited the bank's strengthened capital adequacy and improved earnings performance as the primary drivers for the decision.

The move signals a positive reassessment of the lender's credit profile by the agency.

For investors, the upgrade suggests a lower perceived risk of default and potentially more favorable borrowing costs for the group in the domestic market.

The rating action aligns with a broader trend of GCR Ratings recognizing improved financial health among Nigerian financial institutions.

This development follows a previous upgrade by GCR Ratings for FCMB Asset Management Limited, which was raised to A(NG) for long-term obligations and A1(NG) for short-term obligations, also with a stable outlook.