Moody’s assigns B2/NP/E+ rating to Bank of Baku
Azerbaijan, Baku, Dec.2 / Trend /
Moody's Investors Service has assigned to Azerbaijan's Bank of Baku OJSC financial strength rating E+, long-term rating of B2 and Not Prime short-term rating on deposits in national and foreign currency, the bank reported. The ratings on a global scale have forecast "stable".
These are the first estimates obtained by BoB from agency Moody's that testifies of BoB successful bank policy that ensured high and stable financial performance.
According to Moody's, high indicators of Bank's loan portfolio, good financial sustainability, including quality of assets, liquidity, profit, and reliable level of capitalization affect favorably on the ratings of BoB.
Moody's also notes the obvious development of the Bank that, along with the demonstration of successful financial performance, according to Agency's forecast, may have a positive impact on the ratings.
Based on the International Financial Reporting Standards of Bank of Baku, as of late 2009 Bank's consolidated assets totaled $227.6 million, total stockholders' equity $40.9 million, and net profit $7.6 million. In addition, for the first nine months of 2010, the Bank demonstrated significant growth in all key financial indicators, in comparison with similar data of last year.