The National Rating Agency has upgraded Bank Smolensky’s individual creditworthiness rating to A- (high creditworthiness, Level 3). As the agency’s press service pointed out, the BBB+ rating was given to the bank in January 2009. The rating upgrade reflects the fact the bank manages to maintain within a long period adequate capitalization, the liquidity level and the quality of assets, as well as the bank’s improved transparency, NRA pointed out in a press release.
“The capital adequacy ratio maintained above 16% and a decision taken by the bank’s general meeting of participants on January 22, 2009 to upsize the charter capital to Rub 1.2 bln are tangible factors confirming Bank Smolensky’s ability to have adequate capitalization throughout 2009. Growth in free lending volumes on the back of its own funds is viewed as a positive effect of this measure that influences the bank’s margins. An increase in profitable (working) assets and the use of new commission products will also contribute to improving profitability of banking operations," the agency’s professionals believe.
According to the data from Banki.ru and news agency Interfax-CEA, as of January 1, 2009 net assets of Bank Smolensky stood at Rub 5.12 bln (274th place in Russia).
