FITCH Ratings has affirmed Intercontinental Bank Plc’s  national long-term ratings at A+. The interpretation according to analysts is that the bank is a low risk financial institution.

The agency also affirmed the bank’s international rating at B+, which is the highest for any Nigerian bank as at date by Fitch Ratings. In a statement issued recently in Johannesburg, South Africa, Fitch said:"
 The ratings reflect Intercontinental Bank’s developing domestic franchise, strong record of earnings growth and adequate capitalization." Fitch is one of the three leading international credit risk rating agencies. The other two are; Standard and Poor’s (S & P) and Moody’s. S & P has also pronounced the bank’s international rating as BB-, which is the highest for any Nigerian bank just as Nigeria’s sovereign rating is also capped at BB-.

The S & P Rating statement in London listed Intercontinental Bank’s strength as strong market position, robust funding and liquidity as well as good capitalization. According to S & P "Intercontinental Bank is a tier one Nigerian bank with a good presence in the high end corporate, commercial, public and retail sectors. It was the first Nigerian bank to reach the 1 trillion deposit mark due to a strong retail deposit portfolio. Intercontinental funding and liquidity profile is robust with a large liquid asset cushion."

The global rating agency said "with total assets of N1,392 trillion as at February, 2008, Intercontinental Bank is a solid tier one bank operating in the competitive, but quickly growing, Nigerian banking sector." The bank, it remarked, nearly doubled the size of its balance sheet and staff in 2007, noting that therefore the management is primarily focused on managing growth in a competitive market place. Profiling Intercontinental the agency pointed out that ownership “is very diverse, with over 474,000 shareholders, none of which holds over 5percent of total share capital.

 Shares are floated on the Nigerian Stock Exchange (NSE) with a market capitalization of N450billion ($1.3billion) as at August 2008. In early 2007, the bank issued preference shares, representing seven percent of total share capital, which were subscribed to by a group of five foreign investors.”

The bank, according to the agency, aspires to be the number one financial institution in Nigeria. The bank’s expansion plans is aimed at diversification of revenue streams. The management expects regional expansion, in the form of African banking and international subsidiaries. A strong step in this direction has begun with opening of Intercontinental Bank Ghana Limited in 2006 and Intercontinental Bank UK Plc in 2008. The rating agency predicts a stable outlook for the bank.