Moody"s Upgraded Rating Outlook of the Bank of Baku to Positive Level

The international rating agency Moody's has raised the outlook on the long-term rating of The Bank of Baku B2 from stable to positive.

Analysts at Moody's, evaluating the prospects of The Bank of Baku, stated that a positive outlook is based on positive trends, such as strengthening the bank's position in the market of consumer loans, increased profits, high asset quality and a high level of capitalization to absorb potential losses.

Commenting on the event, Chair of The Bank of Baku, Farid Alizadeh said: "We welcome the objective decision based more on financial performance, which in turn are the result of the qualitative development of all aspects of our business. Taking this opportunity, I would like to thank the management and shareholders of all the staff of The Bank of Baku."

Also according to the decision of the Central Bank of Azerbaijan Republic, from January 1, 2014 on, the requirement for the minimum total capital will increase to 50 million manat. On 1 September 2012 the total capital of The Bank of Baku amounted to 82 million manat. That is, the total capital of the bank is 32 million manat or 64% higher than the requirement of the Central Bank. It should be noted that the high level of capitalization also provides long-term stability to the bank. - 15D -