Fitch Ratings has upgraded Uzbank's sustainability rating to "b+".

The international rating agency Fitch Ratings (hereinafter referred to as Fitch) has upgraded the stability rating of the Joint-Stock Company "National Bank for Foreign Economic Activity of the Republic of Uzbekistan" (hereinafter referred to as Uzpromstroybank) from "b" to "b+". The long-term issuer default rating remains confirmed at "BB-" in both foreign and national currencies, with a "Stable" outlook.

https://podrobno.uz/cat/economic/fitch-ratings-povysilo-reyting-ustoychivosti-uznatsbanka-do-urovnya-b-/2024-11-20 08:12:32

According to Fitch's analytical report, the rating upgrade was a result of the bank's successful transformation efforts aimed at enhancing its business processes and diversifying its operations.

Among the key factors influencing the rating agency's decision are:

the successful implementation of modern approaches to business process management, which has improved operational efficiency;
a focus on developing commercially oriented sectors, including small and medium-sized enterprises (SMEs), the private sector, and retail lending;
systematic improvement in asset quality and capitalization stability.

Support for transformation and new business strategy

The bank is actively developing a diversified service portfolio: the share of state-owned enterprises is decreasing, accompanied by an increase in lending in the SME and retail segments. In 2023, Uzbank demonstrated positive revenue dynamics, including a significant rise in income from foreign exchange operations.

Government support plays a crucial role in implementing the bank's strategic initiatives, but the key driver of change has become a focus on innovation and a shift towards a customer-centric approach. This has not only strengthened market positions but also increased the trust of international rating agencies.

The significance of the rating upgrade

Fitch's decision confirmed Uzbank's reliability and its leading role in Uzbekistan's economic development. It also highlights the bank's contribution to the implementation of investment and infrastructure projects that stimulate business development, create new jobs, and strengthen the country's financial stability.

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