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S&P Global Ratings confirms Ipoteka-bank ratings at BB-/B, with stable outlook.

Posted by: 4 february, 2022

On the 2nd of February 2022 S&P Global Ratings confirmed published a regular report on commercial banks of Uzbekistan. According to the press-release, Ipoteka-bank’s long-term credit ratings have been confirmed at the level of “BB-/B”, prognosis is “Stable”.

The agency’s analytics believe that Ipoteka Bank’s ratings are unlikely to be influenced by the potential sale of a majority stake to OTP. The bank, if necessary, will receive the government support to ensure a planned smooth privatization over the transition period.

Regarding the Bank’s sustainability, S&P Global expect that Ipoteka-bank will support its business growth thanks to a sufficient capital buffer. In 2021-2023, the Bank's net interest margin will rise to 5.5 percent, and it will most likely be due to a shift away from low-margin corporate loans toward higher-margin mortgage and SME lending.

In addition, «The Bank will maintain a sufficient liquidity position. <…> We do not see material risks here as these funds are well matched with long-term loans for which these funds were raised. Despite the negative liquidity trend in the sector, in our view the Bank's liquidity is sufficient. » -noted in the S&P Global’s press-release.

Ipoteka-bank being one of the largest banks in Uzbekistan, has a significant role in the banking sector and constantly holds a strong market position. Moreover, the Bank is the largest mortgage lender in Uzbekistan with approximately 1/3rd market share.

Although, Ipoteka-bank is state owned, it is commercialized, meaning that prudential lending policy and wide range of products, operations and structural optimization, lending on commercial base, all these factors together allow the Bank to improve the efficiency resulting in profitability among the state-owned banks, with ROA and ROE indicators at 1.9% and 14.8%, respectively.


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