Azerbaijan, Baku, Feb. 14 / Trend N.Ismayilova /
Azerbaijani Unibank expects update of ratings of Fitch Ratings in late Feb, Unibank told Trend on Tuesday.
"In the next two weeks Fitch analysts will prepare a new report on the ratings of the Bank, including taking into account updated techniques and the results of financial activity in 2011. We look forward to at least maintaining of the current rating level, which will demonstrate the effectiveness of our efforts to improve risk management systems, as well as the balance of assets and liabilities by maturity", the Bank said.
Last time Fitch analysts updated ratings of "Unibank" in April 2011 when the agency confirmed long-term ratings of the bank at the "B -" level. Short-term rating was affirmed at "B" level, individual rating - at "D / E" level ofsupport rating - at "5" level, outlook - "stable".
At that time, according to Fitch analysts, a positive pressure on the ratings of one of the largest private banks in the country was held back by reducing its profitability. At the same time, representatives of Fitch Ratings does not rule out raising the rating of "Unibank" in the case of growth of its profits amid acceptable quality of assets and capitalization.
It should be noted that in 2011 the bank's assets grew by 24.4 percent to hit 441 million manat. The aggregate capital of Unibank amounted to 60.6 million manat at the end of 2011, credit portfolio - 314 million million, while profit reached 9.3 million manat.
Unibank was established on Oct. 15, 2002 as a result of a merger between the MBANK and PROMTEKHBANK private commercial banks. Unibank is a universal finance and credit institution offering retail and corporate services.
The shareholders of the bank are 11 individuals (76.52 per cent), the European Bank for Reconstruction and Development (15.15 per cent) and the German Investment Corporation DEG (8.33 per cent).