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TrustBank Holdings Limited has announced a N20 billion Commercial Paper issuance under its N100 billion Commercial Paper Programme.

This issuance marks a continuation of the company’s use of the Nigerian short-term debt market, as it seeks to raise funds to support working capital.

The offer opened on March 12, 2026, and is scheduled to close on March 23, 2026.

TrustBanc Holdings Limited is a fully integrated financial services group, with subsidiaries providing a broad range of services, including fund management, wealth management, corporate finance, microfinance, and savings and lending services.

Its subsidiaries include: 

Rating: TrustBanc Holdings Limited’s Long-term rating of “A” was upgraded to “A+” with a stable outlook by DataPro.

TrustBanc registered a N10 billion Commercial Paper Programme with FMDQ Exchange on April 23, 2021, which was upsized to N20 billion in May 2022.

This commercial paper issuance could present an investment case if backed by a repayment track record and financial performance. Let’s see.

From a financial perspective, TrustBanc appears to have strong revenue and profit growth.

In 2025, it reported net interest income of N2.5 billion, almost double that of 2024, N1.3 billion and the highest in 4 four years.

On the balance sheet, total assets grew to N117 billion, driven by investment in financial assets, which accounted for over 78% of total assets, while shareholders’ funds accounted for 21% of the balance sheet size.

TrustBanc’s implied yields for its commercial paper issuance (ranging from 21.00% to 23.50%) are notably higher than the FGN Treasury Bills (TB) yields.

For instance, the 364-day FGN TB yield was 16.72% in March 2026, while TrustBanc’s 364-day CP yield is 23.50%.

This suggests that TrustBanc is offering a higher risk premium, reflecting its credit profile and market conditions.

DataPro upgraded TrustBanc’s long-term rating to A+, and its short-term rating is A1. This, according to the agency, reflects good credit quality and strong capacity for timely payment of obligations.

TrustBanc’s financial performance shows strong profitability and revenue growth, particularly with net interest income growing consistently over the years. The 96% YoY increase in profit after tax in 2025 signals the company’s robust financial health.

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