International rating agency Fitch on October 15, 2020 revised Asian-Pacific Bank's Outlook towards improving to Stable. The Long-Term Issuer Default Rating (IDR) affirmed at “B” level.
Fitch analysts noted that the outlook revision is based on positive results on several economic indicators: asset quality improvement, stable profit growth, as well as significant reduction of problem indebtedness in the bank portfolio.
In addition, Asian-Pacific Bank's Outlook upgrade is due to strengthened liquidity and funding, business model stabilization, improved corporate governance by new professional team of the Bank Management and the Board of Directors, as well as the more conservative risk management.
“This decision is especially important regarding current difficult epidemiological situation, business downturn and high market volatility. Outlook upgrade indicates the improvement of the Asian-Pacific Bank's main business indicators, in some of which the Bank is already above the market. We also managed to strengthen our positions on a number of products, including mortgages. We will continue to work actively on increasing the performance of the Bank”, said Sergey Avramov, Chairman of the Management Board of Asian-Pacific Bank.