17/11/2020 14:56
Moody’s Investors Service has published its updated credit analysis report on RCB Bank, highlighting its strong asset quality, low NPL and high capital adequacy ratios.
RCB Bank’s rating by Moody’s has remained unchanged at B1, with a stable outlook, which constitutes the highest rating among Cypriot banks.
According to a statement, this stability in the Bank’s rating and outlook gains more importance given that Moody’s predicts a pandemic-induced fragile economic environment.
The said international rating agency views positively RCB Bank’s efforts for the expansion of its domestic and international business as part of its strategy that is already depicted in the constantly positive financial results these past years. It is also worth noting that the report applauds the fact that the Bank’s strategy also focuses on technological investment to develop innovative customer products.
RCB Bank’s CEO Dr. Kirill Zimarin underlined the importance of maintaining the rating by Moody’s and noted: “We are all called to operate in an unforeseen fragile economic environment that has impacted the economy not only of Cyprus but on a global scale. Within this context, the confirmation by Moody’s of RCB Bank’s stable financial position in terms of both capital and liquidity gains greater importance. It is this continuity in both profitability and ratings that enables us to look into the future with confidence and to be in a position to support our clients and through them the Cyprus economy at large. 25 years after our establishment in Cyprus, we will continue to implement our strategy for expansion and innovation and thus to enhance Cyprus’ position as a business center”.