Baku, Azerbaijan, April 16
The international rating agency Moody's has raised the ranking of the International Bank of Azerbaijan by 2 positions, Trend reports referring to the bank's statement.
As such, the bank’s base credit ranking was raised from caa2 to b3, while the long-term deposit ranking was raised from B3 to B1 with a positive outlook. The bank’s long-term counterparty risk ranking was raised from B2 to Ba3.
According to agency experts, these changes were influenced by such factors as the improvement of the quality of assets and capitalization indicators of the bank, which in turn led to a high profitability of the financial institution. Thanks to its effective operation, the net profit of the International Bank of Azerbaijan amounted to 426 million manats in 2018.
The capital adequacy ratio increased and the return on average assets (ROAA) on an annualized basis made up 3.5 percent.
According to experts, the macroeconomic stability achieved in Azerbaijan and the favorable operating environment created for local banks also play an important role in raising the ranking of the bank.
In accordance with the agency's expectations for the next 12-18 months, the current structure of the bank’s balance sheet will positively affect the net income of the financial institution and allow it to maintain this trend.
Abbas Ibrahimov, Chairman of the Board of the International Bank of Azerbaijan, said: “The decision of the international rating agency with regards to elevating the ranking reflects the current development processes taking place in the International Bank of Azerbaijan. Positive trends in the bank are carefully monitored and evaluated by international rating agencies. Improving the financial stability of the bank creates great opportunities for implementing strategic projects"
The information on products and services of the International Bank of Azerbaijan, a modern state bank of the country, can be obtained on the official website www.ibar.az, in all 36 affiliates and 38 branches of the bank, by calling the Information Center on the short number 937, as well as on the bank’s official page on Facebook.