International rating agency Moody’s has affirmed its credit rating assigned to First Republican Bank (FRB) at B3, the lending institution’s press service reported. Also, the lender’s national scale rating (Baa2.ru) and bank financial strength rating (E+) were left unchanged. The outlook on all ratings is stable.
“Holding steady this rating with a stable outlook, especially at the present tight environment, confirms the right course taken by the bank in operations and development. Stability, reliability and business transparency are performance indicators of any financial institution. The bank has traditionally adhered to the conservative policy and I think this is one of the reasons helping us hold firm positions," FRB vice president and finance director Khurshed Yakubov commented on this rating action.
First Republican Bank was registered on March 27, 1992 and is a universal financial and lending institution. As of January 1, 2009 the lender’s net assets totaled Rub 13.27 bln, equity capital stood at Rub 1.68 bln, credit portfolio (loans and similar liabilities) came to Rub 6.22 bln, funds of clients (non-lending institutions) amounted to Rub 6.72 bln, including private funds (Rub 3.14 bln). As of January 1, 2009 the bank’s balance sheet profit equaled Rub 199.90 mln.
