Fitch: Georgian Terabank’s performance improves significantly
BAKU, Azerbaijan, Jan.21
By Tamilla Mammadova – Trend:
Fitch Ratings, one of the largest international credit rating agencies, has assigned Georgian Terabank a Long-Term Issuer Default Rating (IDR) of ‘B+’ with a Stable Outlook, Trend reports with reference to the Fitch Ratings.
As reported, the evaluation is based on a variety of key rating drivers and reflects the bank’s good financial metrics and its track record of operating under the new strategy of developing SME, micro and retail lending.
According to Fitch, the rating also considers Terabank’s increased profitability and improved quality of credit portfolios as well as its solid position with regard to capital and liquidity buffers.
The Fitch emphasizes the fact that Terabank’s performance has improved significantly since 2016, alongside with its cost-to-income ratio, profitability and capitalization, which benefits significantly from support from shareholders.
“Such a positive evaluation from one of the most reliable organizations in the world means a lot to us. It strengthens trust from international institutions and investors, confirming once again that Terabank has chosen the right path for its development, and we are already seeing the fruits of our efforts,” said Thea Lortkipanidze, CEO of Terabank.
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