Fitch upgrades AGBank rating
Fitch Ratings on Tuesday revised to stable from
negative the long-term rating of AGBank, one of the fastest-growing
Azerbaijani banks, affirming it at 'B-'.
Afghan Jalilov, who heads AGBank’s Development Department, told AssA-Irada that this Long-term Issuer Default Rating (IDR) reflects the quality of the bank’s assets and the capacity for payments on potential risks. Also, the rating indicates AGBank’s insignificant reliance on external borrowing. Thus, in 2009, AGBank timely repaid its foreign debt and the figure was a modest 8% of liabilities, and the deposit base has been relatively stable.
Fitch also noted that the long-term deposits of private individuals increased and the bank expanded its market share in this segment of the market.
AGBank’s assets increased by over 13% in 2009, reaching about 240 million manats ($300 million). The bank’s credit portfolio increased 32m manats ($40m) to make up 188m manats ($235m). Natural entities’ long-term deposits rose 31% to hit 82m manats (over $102m) as of the year-end.
AGBank (Azerigazbank) open joint-stock company was founded in 1992. The bank runs subsidiaries and branches in about 20 regions across Azerbaijan. For over a decade, the bank has been successfully cooperating with such major institutions as the European Bank for Reconstruction and Development, the International Finance Corporation, a member of the World Bank Group, and the Asian Development Bank.*
Afghan Jalilov, who heads AGBank’s Development Department, told AssA-Irada that this Long-term Issuer Default Rating (IDR) reflects the quality of the bank’s assets and the capacity for payments on potential risks. Also, the rating indicates AGBank’s insignificant reliance on external borrowing. Thus, in 2009, AGBank timely repaid its foreign debt and the figure was a modest 8% of liabilities, and the deposit base has been relatively stable.
Fitch also noted that the long-term deposits of private individuals increased and the bank expanded its market share in this segment of the market.
AGBank’s assets increased by over 13% in 2009, reaching about 240 million manats ($300 million). The bank’s credit portfolio increased 32m manats ($40m) to make up 188m manats ($235m). Natural entities’ long-term deposits rose 31% to hit 82m manats (over $102m) as of the year-end.
AGBank (Azerigazbank) open joint-stock company was founded in 1992. The bank runs subsidiaries and branches in about 20 regions across Azerbaijan. For over a decade, the bank has been successfully cooperating with such major institutions as the European Bank for Reconstruction and Development, the International Finance Corporation, a member of the World Bank Group, and the Asian Development Bank.*
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
Subscribe
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!