Photo courtesy of the press service of Novikombank
Experts from independent rating agencies ACRA, Expert RA and Moody’s raised Novikombank’s rating in connection with the bank’s demonstration of a qualitative increase in capital adequacy ratios and improved operating efficiency indicators. Thanks to the upgraded ratings, Novikombank will be able to participate in more programs and offer a wider range of government support to borrowing companies.
The Analytical Credit Rating Agency (ACRA) has changed the credit rating of Novikombank to A + (RU), the outlook is stable, which indicates an improved capital adequacy assessment due to a stable business profile and adequate funding and liquidity position with a conservative assessment of the bank’s risk profile …
Experts from Expert RA raised Novikombank’s credit rating to ruA with a stable outlook, highlighting the bank’s growing role in servicing the enterprises of the State Corporation. Novikombank also occupies a stable position in the key business segment and has a sufficient capital reserve with high profitability.
The international rating agency Moody’s changed the outlook from “stable” to “positive” on Novikombank’s long-term deposit ratings, having affirmed the “Ba3” rating. The improved outlook is due to an increase in Novikombank’s asset quality and capital adequacy indicators, together with maintaining a stable profitability to reduce credit risks. In addition, the bank has demonstrated resilience to the adverse conditions associated with the 2020 pandemic.
“We pay great attention to working with rating agencies, whose assessments reflect the real state and development prospects of the bank. In addition, the benefits that the bank receives as a result of the increase in credit ratings, of course, affect the improvement of lending conditions for clients from the real sector and their employees. This allows us to more effectively solve the task set by the shareholder – to perform the functions of the State Corporation’s backbone bank in a quality manner and provide the best financing conditions for both Rostec organizations and the Russian industry as a whole, ”said Novikombank Chairman of the Management Board Elena Georgieva.
In four years, Novikombank has managed to climb 16 positions in the rating of banks by assets and take 20th place. The growth of assets during this period amounted to more than 177%, the bank’s capital increased by 75%.