MOODY’S International Rating Agency boosts Pivdenny Bank rating
MOODY’S International Rating Agency has revised the rating for Pivdenny Bank.
This evaluation of its financial performance resulted in an upgrade in risk assessment on the national scale (Bаа1.ua → A3.ua) as well as the long-term national currency deposit rating (Ba2.ua → Bа1.ua).
The baseline credit rating was confirmed at the previous level (Caa1) – as was the long-term rating of national and foreign currency deposits (Caa1 and Caa2, respectively).
In addition, the international agency has improved the outlook of Pivdenny Bank from "stable" to "positive". This is the maximum possible value for the Ukrainian bank under the existing sovereign rating of the country (Caa1).
The strengths of Pivdenny Bank that contributed to the ratings included: improving the quality of assets, a steady increase in profitability, a significant stock of liquidity and low dependence on interbank resources.
“Raising the ratings by MOODY`S International Rating Agency is another proof of our bank's financial stability. Pivdenny Bank confidently complies with all economic standards of the NBU and continues to increase capital adequacy. According to the results from the first 10 months of this year, the bank showed an 18 % increase in net profit compared to the same period of 2018. Capital adequacy has increased from 9.08 % at the beginning of 2019 to 10.22 % as of 1 November 2019,” said Dmytro Votchenko, Director of the Finance Department of Pivdenny Bank.