Fitch notes improvement of liquidity, quality of IBA loan portfolio
Baku, Azerbaijan, June 4
The international ratings agency Fitch has revised the ratings of the International Bank of Azerbaijan (IBA), the IBA said in a message on June 4.
The IBA said that Fitch Ratings has upgraded the bank's financial strength rating (VR) to b-. The long-term issuer default rating is maintained at "B-" with a stable outlook.
The agency notes that increasing the bank's stability rating is linked with the improvement of profitability indicators and declining pressure of the open currency position on the IBA capital.
During the first quarter of 2018, the coefficient of adequacy of Tier 1 capital and total capital amounted to 19.2 and 20.5 percent, respectively, which significantly exceed the current regulatory standards.
These indicators were achieved thanks to investment of capital from the main shareholder, successful restructuring of external obligations and transfer of troubled assets of the bank.
Information about products and services of the International Bank of Azerbaijan, the modern state bank of the country, can be found on the official website www.ibar.az, in all 36 branches and 40 sub-branches, by calling the Information Center at the short number 937, as well as on the official page on Facebook.
The IBA has been operating since 1992. The bank has been at the stage of recovery since July 2015, which is related to preparations for privatization of its state-owned shares.