MOODY’S upgrades Bank Pivdenny
Moody’s Investors Service (“Moody’s”) has upgraded Bank Pivdenny’s risk assessment rating to B3 from Caa1. The long-term deposit rating has also been upgraded from Caa2 to Caa1 with a “stable” outlook.
In addition, MOODY`S has upgraded the bank’s baseline credit assessment from Caa2 to Caa1 along with the sovereign rating of Ukraine. Caa1 is the maximum possible rating for a Ukrainian bank with the country’s current sovereign rating.
Growing quality of assets, threefold increase in profitability for the first 9 months of 2018, significant liquidity reserve and low dependence on interbank resources have largely contributed to the recent upgrades of the Bank Pivdenny’s ratings.
“Bank Pivdenny meets all requirements of the National Bank of Ukraine. We have increased the Bank’s Capital Adequacy Ratio* from 10.37% at the beginning of 2018 to 11.77% as of December 26, 2018”, said Dmitry Votchenko, Director of the Bank’s Financial Department. “Besides, Bank Pivdenny is the only Ukrainian private bank cooperating with the international rating agency, which once again confirms the bank’s reliability and its focus on long-term sustainable development.”
Bank Pivdenny is a universal Ukrainian bank, founded in 1993, headquartered in the city of Odessa. The Bank offers a wide range of services for corporate clients and individuals through a wide regional network, which as of December 2018 included 95 branches in 18 regions of Ukraine.
Bank Pivdenny’s net profit for the first 9 months of 2018 amounted to 186.1 million UAH, which is three times higher YoY.