FitchRatings upgraded stability rating of Uzbek bank Uznatsbank to "B+"

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The international rating agency "Fitch Ratings" has upgraded the stability rating of the Uzbek bank JSC "Uzprombank" from "B" to "B+", reports.

Fitch has confirmed the long-term issuer default ratings (IDRs) in foreign and national currency at the level of "BB-" with a "Stable" outlook, which became another evidence of the successful transformation of the bank's activities conducted since 2021, as well as the reliability of the bank's financial operations.

According to the analytical report of Fitch, the upgrade of JSC "Uzprombank" stability rating to "B+" level is primarily due to its dominant presence in the Uzbekistan market, constant stable quality of assets, and resilient capitalization throughout all financial cycles.

Fitch also emphasizes the effectiveness of the strategic direction of JSC "Uzprombank" towards a more commercially oriented business model, which noticeably influenced the improvement of profitability indicators.

It is worth noting that being a state-owned bank, JSC "Uzprombank" actively increased its loan portfolio throughout 2023 by financing both large investment projects and small and medium-sized business projects, as well as by increasing the share of loans in the retail segment through the introduction of new retail products. All of this was positively reflected in the current Fitch rating report.

Moreover, the stability of financial stability and the reliability of the bank's operations have been confirmed in the IDR rating, assigned by Fitch at the level of "BB-", with a "Stable" outlook once again.

April 9, 2024