IBI-Rating has upgraded the credit rating of JSC «FIRST INVESTMENT BANK» to uaA grade

IBI-Rating has upgraded the credit rating of JSC «FIRST INVESTMENT BANK» to uaA grade with a «stable» outlook. The rating of bank deposit reliability has affirmed at the «4+» grade (high reliability).

JOINT STOCK COMPANY «FIRST INVESTMENT BANK» was registered by the National Bank of Ukraine on 20th of June 1997. The main shareholder of the bank is a non-resident individual Giner Evgeny Lennorovich. According to the results of the Q1 of 2019, the bank ranked 47th in terms of assets among 77 banking institutions of Ukraine; 56th position - by the size of the funds raised from the individuals; 34th - on the volume of corporate clients funds; 50th - by the size of balance capital and the amount of profit received. The regional network is represented by 34 branches in 11 oblasts of Ukraine. The client base includes almost 12 thousand customers, inclusive of 10.6 thousand individuals.

The activity of the bank in the analyzed period was profitable - net profit by the results of 2018 and the Q1 of 2019 respectively amounted to UAH 59.8 million and UAH 2.4 million. Taking into account the relatively stable dynamics of net operating income against the background of an acceptable level of administrative expenses, as well as by obtaining additional revenues from revaluation of assets, the maintenance of the indicator of the efficiency of activity is observed at a high level - more than 190% for the results of January-March 2019.

The upgrading of the credit rating of JSC «FIRST INVESTMENT BANK» is due to financial support from the owners, including through reinvestment of profits (more than UAH 55 million for 2018); high rates of capitalization and liquidity; profitable activities and high performance indicators, as well as acceptable indicators of quality of working assets. In turn, the Rating Agency notes preservation concentration of active and passive operations in the context of the main counterparties of the bank, as well as high sensitivity of the banking system to operational risks due to the volatility of the legislative field, the difficult situation in the economy, which limited financial capacity of the population and enterprises of the real sector.

In order to conduct the analytical research the materials provided by JSC «FIRST INVESTMENT BANK» have been used, including: financial statements for 2016-2018 and January-May of 2019, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

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