IBI-Rating has upgraded the credit rating of PJSCB «Lviv» to uaBBB+ grade

IBI-Rating informs on upgrading of the credit rating PJSCB «Lviv» to uaBBB+ grade, keeping the «stable» outlook. The rating of bank deposit reliability has been affirmed at «5» grade.

The upgrading of the ratings of PJSCB «Lviv» is due to the available financial support from the Bank’s owner, the positive dynamics of the main financial indicators, the acceptable diversification of the resource base in the context of financing sources, lenders and economic sectors. In addition, it should be noted the Institution's profitable activity, sufficient liquidity ratios and the balance of assets and liabilities by terms to maturity. At the same time, the Rating agency notes preservation of the concentration of the customer loan portfolio by major borrowers, as well the difficult situation in the economy limiting the financial capacity of the population and enterprises of the real sector and adversely affecting on the level of confidence in banking institutions.

PJSCB «Lviv» has been working in the financial market since October 1991. In 2006, a group of Icelandic companies through «New Progress Holding» LLC bought a controlling stake, which became a new stage in the Bank's development. The ultimate Beneficiary is an individual, a citizen of Iceland, Margeir Pétursson. In May 2017, an increase in the authorized capital by the amount of UAH 37.5m to the amount of UAH 305.4m was registered. In September of this year PJSCB «Lviv» submitted the necessary documentation to the National Bank of Ukraine for the approval of the investment of a new strategic Shareholder - an independent swiss asset management company ResponsAbility Participations AG.

The Bank is represented by the Head Office and 24 branches in 7 regions of Ukraine, mainly in the western region. Net income of the banking institution by the results of 9 months of the current year amounted to almost UAH 17m.

In order to conduct the analytical research the materials provided by PJSCB «Lviv» have been used, including: annual financial statements for 2014-2016 and 9 months of 2017, target performance indicators, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

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