Quest Merchant Bank Earns BBB+(NG)/A2(NG) Ratings Upgrade
Quest Merchant Bank Limited has secured an upgrade to its national scale issuer ratings, with GCR Ratings raising its long- and short-term ratings to BBB+(NG) and A2(NG), respectively. GCR also revised the Bank’s outlook from Stable to Positive.
The ratings action reflects progress in the Bank’s financial strength, market position and growth trajectory, and recognises its strategy and potential for sustainable growth.
GCR highlighted Quest Merchant Bank’s position in Nigeria’s merchant banking sector. The Bank accounted for approximately 30% of the sub-sector’s total assets as at 31 December 2025, underscoring its standing among the country’s leading merchant banking institutions.
The Bank’s financial profile also contributed to the upgrade, supported by prudent risk management, strong liquidity and resilient earnings. Its non-performing loan (NPL) ratio stood at 3.2% as at 31 December 2025, while its liquidity position remained strong as at 30 June 2026.
GCR expects the Bank’s financial profile and competitive position to remain stable over the next 12 to 18 months, supported by its scale, earnings capacity and continued growth. The Positive outlook reflects expectations that the Bank’s market position and profile will strengthen as its operations expand.
Commenting on the development, Afolabi Olorode, Acting Managing Director/CEO of Quest Merchant Bank Limited, said:
“This upgrade is a strong recognition of the progress Quest Merchant Bank has made in strengthening our business and positioning the Bank for sustainable growth. It reflects the confidence in the strength of our organization, our financial fundamentals and the strategy we have put in place for the next phase of our journey.
“We remain focused on deepening our capabilities, delivering greater value to our clients and building a high-performing institution that is well positioned to capture the opportunities ahead.”
The upgrade and revised outlook reinforce Quest Merchant Bank’s market position, financial resilience and growth potential as it continues to develop its business.
Quest Merchant Bank Limited is a Nigerian-licensed merchant bank providing Corporate and Investment Banking, Wealth Management, and Global Markets services to corporate, institutional and public sector clients. The Bank is committed to strong governance, strategic execution and sustainable value creation.
