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Moody’s assigns Ba3/NP foreign currency deposit ratings to Caspian Bank

Moody’s has assigned a Ba3/NP long and short-term foreign currency deposit ratings to Caspian Bank, Moody’s reported. The Financial Strength Rating was assigned at E+. All ratings have Stable outlook.

The ratings reflect the support to be provided by the government in case of distress due to the bank’s importance for the domestic banking system. Moreover, the bank demonstrated stable performance, diversification in the funding base, quality of assets, and growth of lending in the recent past. The bank is also gradually entering the retail banking sector.

However, Moody’s points at the high growth of the bank's lending and therefore the need for proper credit risk management by the bank. In the meantime, Caspian Bank posted a net profit of USD 4.5mn in 2002, or more than doubled y/y.

The shareholders’ equity amounted to USD 19.4mn, or up by 85% y/y, due to retained earnings and higher reserves. The bank assets were 191mn, or growing by 93% y/y, as a result of an expanded loan portfolio and securities.

(IntelliNews 19.v.03)

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