Fitch Ratings upgraded Liberty Bank’s Long-term Foreign Currency IDR from B to B+, affirming B rating on Short-term foreign currency IDR with Stable outlook.
The upgrade of LB’s ratings to ‘B+’ from ‘B’ reflects Fitch’s view that the bank managed to improve its profitability and to sustain the pressure from the deteriorating environment, while maintaining adequate capitalization and good asset quality metrics.
Liberty Bank has recently published its Q1 financial results, which show that the Bank is maintaining high profitability (the Bank reported the net income of GEL 7.8 mln, ROAE – 23.05% annualized and ROAA – 2.03% annualized).
Liberty Bank’s rating has been upgraded due to its sustainable profitability and high regulatory capital buffer. The rating upgrade by a global and a credible institution is in line with the Bank’s performance by all metrics.” – Aleksi Khoroshvili, CEO of Liberty Bank.