Friday, September 6 2019 00:33
Karine Melikyan

Moodys agency upgraded VTB Bank (Armenia) rating to "B1"

Moodys agency upgraded VTB Bank (Armenia) rating to "B1"

ArmInfo. Moody's international rating agency upgraded the long- term rating of bank deposits in foreign currency of VTB Bank (Armenia) from "B2" to "B1", maintaining  the forecast "Stable". ArmInfo was informed about this in the press  service of the bank.

According to the source, Moody's also confirmed the baseline credit  assessment (BCAs) of VTB Bank (Armenia) at level b3. The bank's  statement reads: "Moody's agency notes that the confirmation of BCA  is related to the sufficient liquidity level of VTB Bank (Armenia)  and the high probability of support from the parent bank  VTB Bank  PJSC.

The press service of VTB Bank (Armenia) emphasizes that the  assignment of a new rating to the bank followed an increase in the  sovereign rating of Armenia from "B1" with a "Positive" outlook to  "Ba3" with a "Stable" outlook on August 27, 2019, and an improvement  of rating in country's bank deposits in foreign currency from "B2" to  "B1".

According to the Financial Rating of the Banks of Armenia as of June  30, 2019 prepared by ArmInfo IC, the assets of VTB Bank (Armenia)  amounted to $ 623.7 million (an increase of 28.8% y-o-y), credit  investments - $ 462.9 million (an increase of 25.3% y-o-y), total  capital - $ 105.2 million (an increase of 29.9% y-o-y), total  liabilities - $ 518.5 million (an increase of 28.6% y-o-y). The bank  completed the first half of 2019 with a net profit of $ 0.998  million. In the structure of assets, the share of credit investments  accounted for 74.2%, the dominant volume being retail loans - $ 318  million or 68.7% of the bank's loan portfolio. In the corporate loan  portfolio of the bank, active placement is observed in the SME and  retail sectors. And in the general liabilities of the bank time  deposits dominate - 47.2% or $ 244.5 million (with y-o-y growth of  30.5%), of which 80% or $ 195.9 million are deposits of individuals.

It should be noted that VTB Bank (Armenia) CJSC became a member of  VTB International Financial Group in April 2004. Currently, the  second largest VTB Bank in Russia (PJSC) owns 100% of the shares of  VTB Bank (Armenia). The Bank traditionally ranks among the leaders of  the banking system of the Republic of Armenia by its main indicators.  In terms of coverage of the branch network, VTB Bank (Armenia)  maintains leadership, both in terms of their total number and  regional divisions.

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