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IBI-Rating has affirmed the credit rating of JSC «CREDITWEST BANK» at uaAA+ grade, with a «stable» outlook
11.01.2020
IBI-Rating informs on affirming of the long-term credit rating of JSC «CREDITWEST BANK» at uaAA+ grade with a «stable» outlook. Also, the rating of bank deposit reliability has been affirmed at «5+» grade (excellent reliability).
JSC «CREDITWEST BANK» was registered by the National Bank of Ukraine in October 2006 and belongs to a group of banks of foreign banking groups. The shareholder of the Bank is a foreign company JSC «ALTINBAS HOLDING ANONIM SIRKETI» (Turkey). The Bank is guided by the policy of continuous reinvestment of profits in the authorized capital, which contributes to the gradual growth of the market share and high financial stability of the banking institution. As of the beginning of October 2019, the regulatory capital of the institution amounted to UAH 404.3 million, including 95% of Tier 1 Capital. The Bank has sufficient capital for further development, as of October 1, 2019 the adequate regulatory capital ratio (H2) was in three times higher than minimum set by the regulator. Liquidity indicators are also maintained at a high level.
According to the results of January-September 2019, among 76 banks of Ukraine, the Bank was in 46 positions by size of assets; 48 - by size of funds of corporates; 51 - by size of the population's funds; 39 - by the size of balance capital, and 44 - by size of profit. The Bank maintains a competitive product line in the corporate segment, primarily serving the trading partners of Turkish enterprises.
JSC «CREDITWEST BANK» is highly profitable, performance ratios are maintained at a high level. In particular, the efficiency ratio of the Bank during the analyzed period fluctuated in the range of 150-175%, which is facilitated by relatively stable dynamics of net operating income against the background of increase of own capital and moderate level of administrative expenses. The Bank's net profit for January-September 2019 amounted to UAH 21 million.
The affirmed ratings of JSC «CREDITWEST BANK» is due to maintaining high liquidity and capitalization of the financial institution, and the bank's membership in the Turkish financial-industrial group Altinbas, which specializes in precious metals, energy, logistics, finance, real estate and education. The Bank demonstrates profitable activity and sufficient performance indicators. At the same time, the concentration of the resource base and loan portfolio is maintained in the context of key counterparties, which increases the institution's sensitivity to liquidity and credit risks. Also, the ratings of the banking institution are affected by the preservation of the high sensitivity of the banking system to operational risks, which is due to the volatility of the legislative field, the difficult situation in the economy, as well as the limited financial capacity of the population and enterprises of the real sector.
In order to carry out the analytical research the materials obtained from «CREDITWEST BANK» PJSC have been used, including: financial statements for 2016-2018 and 9 months of 2019, target performance indicators, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.
Finance department
For more information please contact:
Press service of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua
JSC «CREDITWEST BANK» was registered by the National Bank of Ukraine in October 2006 and belongs to a group of banks of foreign banking groups. The shareholder of the Bank is a foreign company JSC «ALTINBAS HOLDING ANONIM SIRKETI» (Turkey). The Bank is guided by the policy of continuous reinvestment of profits in the authorized capital, which contributes to the gradual growth of the market share and high financial stability of the banking institution. As of the beginning of October 2019, the regulatory capital of the institution amounted to UAH 404.3 million, including 95% of Tier 1 Capital. The Bank has sufficient capital for further development, as of October 1, 2019 the adequate regulatory capital ratio (H2) was in three times higher than minimum set by the regulator. Liquidity indicators are also maintained at a high level.
According to the results of January-September 2019, among 76 banks of Ukraine, the Bank was in 46 positions by size of assets; 48 - by size of funds of corporates; 51 - by size of the population's funds; 39 - by the size of balance capital, and 44 - by size of profit. The Bank maintains a competitive product line in the corporate segment, primarily serving the trading partners of Turkish enterprises.
JSC «CREDITWEST BANK» is highly profitable, performance ratios are maintained at a high level. In particular, the efficiency ratio of the Bank during the analyzed period fluctuated in the range of 150-175%, which is facilitated by relatively stable dynamics of net operating income against the background of increase of own capital and moderate level of administrative expenses. The Bank's net profit for January-September 2019 amounted to UAH 21 million.
The affirmed ratings of JSC «CREDITWEST BANK» is due to maintaining high liquidity and capitalization of the financial institution, and the bank's membership in the Turkish financial-industrial group Altinbas, which specializes in precious metals, energy, logistics, finance, real estate and education. The Bank demonstrates profitable activity and sufficient performance indicators. At the same time, the concentration of the resource base and loan portfolio is maintained in the context of key counterparties, which increases the institution's sensitivity to liquidity and credit risks. Also, the ratings of the banking institution are affected by the preservation of the high sensitivity of the banking system to operational risks, which is due to the volatility of the legislative field, the difficult situation in the economy, as well as the limited financial capacity of the population and enterprises of the real sector.
In order to carry out the analytical research the materials obtained from «CREDITWEST BANK» PJSC have been used, including: financial statements for 2016-2018 and 9 months of 2019, target performance indicators, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.
Finance department
For more information please contact:
Press service of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua