Piraeus Bank received a long-term credit rating uaAA on the national scale by RA Standard-Rating agency

Piraeus Bank has received a long-term credit rating uaAA on the national scale according to the results of Standard-Rating RA assessment.

According to Standard-Rating RA, the rating uaAA shows a high level of a bank’s credibility compared with other borrowers or debt instruments.

As Standard-Rating RA stated, the decision about the bank’s credit rating confirmation was based on the financial results of 1H2019.

During this period, the bank’s assets increased to 2,8 bln UAH, and in particular clients loans increased by 10,05% to 1,5 bln UAH. Net equity increased by 3,27% up to 627,5 mio UAH. Liabilities have exceeded 2 bln UAH, mostly due to the retail deposits growth which reached 15%.

Thus, in the end of 1H2019 Piraeus Bank exhibited solid business activity level due to private individuals deposit acquisition and loan portfolio increase, Standard-Rating RA analysts judged.

This activity allowed Piraeus Bank to increase its interest and commission income in comparison to 1H2018 and provided the Bank with positive financial result.

Additionally Piraeus Bank fulfilled all the regulative requirements of NBU. In fact the bank’s regulatory capital (N1) exceeding by 3 times the minimum required level and amounted to 612 mio UAH. The liquidity ratios (N4-N6) also exceeded NBU’s minimum requirements too, while short-term and current liquidity ratios (N5, N6) were above average markets level as well. Thus, Piraeus Bank’s liquidity is considered as high, stated Standard-Rating RA.

According to the general conclusion by Standard-Rating RA, Piraeus Bank shows stable increase of key income items, is profitable and at the same time is highly adequate in terms of capital and liquidity. These factors as well as the fact that the bank is a subsidiary of Piraeus Bank S.A., one of the major European systemic banks, allowed Standard-Rating RA to confirm the bank’s credit rating at such a high level.