Moody’s upgrades Xalg Bank’s rating

Moody’s Investors Service upgraded Xalq Bank's BCA ((Baseline Credit Assessment - BCA)) to b3 from caa1, Report informs citing the agency.

The outlook on the long-term deposit ratings of Xalq Bank were changed to stable from positive.

The upgrade of Xalq's BCA to b3 from caa1 reflects the recent improvements in the bank's asset quality and profitability, coupled with its sound capital buffer.

According to Xalq Bank's management data, loans overdue by more than 90 days stood at 10.0% of the bank's gross loan book as of year-end 2018, compared to the 12.7% and 14.6% problem loan ratios reported under IFRS as of year-end 2017 and year-end 2016, respectively.