Fitch Ratings upgraded the Long-Term Issuer Default Ratings of Expobank LLC to ‘BB-’ from ‘B+’, and removed the ratings from Rating Watch Evolving (RWE). The Outlook is revised to Stable.
According to Fitch experts, the upgrade reflects the Bank’s good performance, reasonable asset quality, good capitalization and comfortable liquidity.
For Expobank, the acquisition of Kurskprombank was a strategic decision that resulted in Expobank growing its capital, expanding its geographical footprint and increasing the client base. Both Expobank and Kurskprombank have been demonstrating sustainable growth.
Alexey Sannikov, CEO of Expobank, said, “Due to the joint effort of the Bank’s team and our customers and clients, we have achieved a positive result. We are glad to have a positive independent assessment and we are ready to strive forward and improve further.”
IFRS income of Expobank for 6M 2019 reached RUB 2.5 bln. The equity grew by 24%, to RUB 17.6 bln. In its press release, the rating agency also highlighted the Bank’s maintaining a reasonable net interest margin of 6.3% and increased non-interest income (34% of gross revenues).