BAKU, Azerbaijan, August 9. Moody's Investors Service has upgraded Azerbaijani Bank Respublika's ratings, Trend reports.
So, Moody's announced the upgrade of the bank's long-term local and foreign currency deposit ratings to B2 from B3 with a stable outlook.
According to Moody's analysts, the bank's Baseline Credit Assessment (BCA) upgrading to b2 from b3 indicates its effective efforts to improve asset quality and profitability over the reporting period.
According to the Moody's analysis, a major factor driving the ratings increase was the bank's improved profitability. So, in 2022, Bank Respublika's net income was 24 million manat ($14.1 million), up 165 percent from 2021, and the net income-to-tangible-assets ratio was 1.6 percent.
Moody's anticipated that Bank Respublika will continue to provide consistent net income results in the next 12-18 months, as indicated by the bank's favorable dynamics since 2018.
Bank Respublika was founded in 1992 and is one of Azerbaijan's top five banks. The bank's owners include Sparkassen International Development Trust (a subsidiary of the Sparkassen-Finanzgruppe financial group), Germany's largest financial institution.
