IBI-Rating has affirmed the credit rating of «CREDITWEST BANK» PJSC at uaAA grade and changed the rating outlook to «positive»

IBI-Rating informs on affirming of the credit rating «CREDITWEST BANK» PJSC at uaAA grade with a change in the outlook to «positive». Also, the rating of bank deposit reliability has been affirmed at «5» grade (excellent reliability).

«CREDITWEST BANK» PJSC was registered by the National Bank of Ukraine in October 2006. The shareholder of the Bank is a foreign company «ALTINBAS HOLDING ANONIM SIRKETI» JSC (Turkey). As part of the planned long-term development programme, in the first quarter of the current year, the shareholder made an increase in the authorized capital by UAH 40m. In addition, it was already in May 2017 that a further increase of the authorized capital by UAH 28.5m was registered. Thus, at the beginning of June of the current year, the authorized capital amounted to almost UAH 205m.

«CREDITWEST BANK» PJSC is classified in the second group of banks; as of the beginning of April 2017, among 90 solvent banks, the bank ranked the 52nd banking institution by size of assets, the 62nd banking institution – by size of the population's funds, the 48th banking institution – by size of the balance capital, and also, the 32nd banking institution – by size of profit, respectively. Profit of the Bank, based on the results of last year and 3 months of 2017, amounted to UAH 28.4m and UAH 8.5m, respectively.

The affirmation of ratings of «CREDITWEST BANK» PJSC and the change in the credit rating outlook to «positive» is due to improvements in key performance indicators of the banking institution, its maintaining high liquidity and capitalization ratios, as well as the Bank’s forming part of the Turkish financial and 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, concentration of the resource base and the loan portfolio is maintained by main counterparties, increasing the banking institution's sensitivity to liquidity risk and credit risk. Also, the ratings of the banking institution are affected by preservation of the difficult situation in the economy limiting the financial capacity of the population and enterprises of the real sector and adversely affecting the level of confidence in banks.

In order to carry out the analytical research the materials obtained from «CREDITWEST BANK» PJSC have been used, including: financial statements for 2014-2016 and 3 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.