Piraeus Bank has received a long-term credit rating uaAA on the national scale according to the results of Standard-Rating RA assessment. The decision to update the credit rating of PIRAEUS BANK ICB JSC was made according to the analysis of the Bank's results for 2019, as well as the data of the Bank's statistical reporting for January-February 2020.
According to Standard-Rating RA, the rating uaAA shows a high level of a bank’s credibility compared with other borrowers or debt instruments.
During 2019 year, the bank’s assets increased to 2,986 bln UAH, and in particular clients loans increased by 2,16% to 1,379 bln UAH. Net equity increased by 5,23% up to 639,632 mio UAH. Liabilities have exceeded 2,347 bln UAH, mostly due to the retail deposits growth which reached 10,36%.
Thus, following the results of 2019, Pirseus Bank increased the scale of its activity, demonstrating the growth of assets, liabilities and equity. At the same time, the Bank showed a good growth rate of individuals' funds. In addition, the Agency reminds that the business strategy of Piraeus Bank is focused on expanding lending to small and medium enterprises (SMEs), which is facilitated by the Bank's cooperation with the German-Ukrainian Fund and the European Bank for Reconstruction and Development (EBRD).
The Agency positively assesses the Bank's ability to increase revenues and generate profits.
Thus, following the results of 2019, Piraeus Bank increased the scale of its activity, demonstrating the growth of assets, liabilities and equity. At the same time, the Bank showed a good growth rate of individuals' funds and increased key items of its income, as well as maintaining a high level of capital ratios (N1, N2 and N3) and liquidity ratios (N6, LCR and LCRfc). Relevant factors, as well as the fact that PIRAEUS BANK ICB JSC is a bank of Piraeus Bank Group, one of the largest European systemic banks, allowed the Agency to update the credit rating of Piraeus Bank at such a high level.
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