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Moody's upgrades rating of Siauliu Bankas to Ba1

BC, Vilnius, 17.06.2016.Print version
International rating agency Moody’s Investors Service has upgraded the long-term deposit rating of Siauliu Bankas, a Lithuanian commercial bank owned by the European Bank for Reconstruction and Development (EBRD) and a group of local investors, to Ba1, from Ba2, informs LETA/BNS.

The ratings were upgraded in the light of the increase of the bank's profitability rate, as well as the improved quality of the bank's assets. The outlook on the long-term rating is stable, Moody's Investors Service said.

 

"When upgrading the ratings, the agency took consideration of the fact that we strengthened the bank's capital by the supervision and capital sufficiency requirements. It also considered the significant increase in the bank's profitability rate, decline in bank asset risks and the ratio of problem loans, as well as the improvement of the bank's client-oriented strategy," Vytautas Sinius, the bank's administrative director, said in a press release.

 

Siauliu Bankas netted an unaudited profit of 20.676 million euros in the first quarter of 2016, indicating an increase by a factor of 2.9 year-on-year, while the group's net profit swelled 3.3 times to 17.733 million euros.

 

The bank is quoted on the blue-chip Main List of the Nasdaq OMX Vilnius stock exchange.






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