Moody's Investors Service ("Moody's") has today upgraded Joint Stock Commercial Bank Respublika's (Bank Respublika) long-term local and foreign currency bank deposit ratings to B2 from B3 and changed the outlook on these ratings to stable from positive, Report informs.
The upgrade of the bank's BCA and Adjusted BCA to b2 from b3 reflects its track record of improving asset quality and profitability through the cycle.
The bank's asset growth was coupled with improvement in profitability. For the full year 2022 Bank Respublika reported 24 million manats ($14.1 million) net income, a 165% increase from 2021. This translated into net income to tangible assets ratio of 1.6% for the year 2022. Moody's expects that despite projected asset growth slowdown in the next 12-18 months, Bank Respublika will continue to post steady net income results following its track record of positive net income since 2018.