The first Iraqi bank to receive an internationally recognized credit rating
The first Iraqi bank to receive an internationally recognized credit rating
2018/12/19 14:37
The credit rating agency Fitch Ratings has rated B-B with a stable outlook. The decision reflects the institution’s continuing efforts to implement its comprehensive economic reform program.
The Bank of Iraq’s classification of credit rating B – to be the first Iraqi bank to obtain a credit rating official by a rating agency global, the main factors that lead to a positive assessment is to improve the growth prospects and the business environment and security situation, Budget, thereby reducing the debt-to-GDP ratio over the medium term.
All of the Bank’s financial and banking operations have been evaluated according to internationally recognized Fitch standards, which represent the Bank’s overall financial health with a focus on financial reporting, portfolio management, profitability and diversification, as well as liquidity, income and other banking factors.
Faisal Al-Hims, Chairman of the Board of Directors of the Iraqi Bank for Trade, said that the risks to the classification are balanced at the present time, pointing to the importance of the role of security stability in the country during recent times in improving indicators of foreign investment and the recovery of the commercial market. He expressed his happiness with the result of the credit rating, describing it as a major achievement as the first of its kind for the Iraqi banks, and that it is in line with the principles of sovereignty in Iraq.
Commenting on the Fitch Ratings decision, Mr. Faisal Al-Hims said: “The strength of the balance sheet, the high level of profitability in the BTI’s business, coupled with liquidity, diversification strategy in the corporate and retail sectors, confirm the growth and employment opportunities resulting from it. The creditworthiness of the Iraqi economy and the quality of services provided to the Iraqi citizen, as well as our success in providing innovative banking products and services, which demonstrates our relentless efforts in implementing our strategic initiatives. ”
“We have achieved many achievements that have won numerous awards and accolades in recent years, and we continue to relentlessly pursue our vision with greater enthusiasm and determination.”
It is worth noting that the Iraqi Trade Bank has achieved great achievements since its opening in 2003, and continues to play a key role and influence in the development process of Iraq. The success of the Bank’s efforts is directly related to the stability and prosperity of Iraq and will have a long-term positive impact on Iraqi society.
The Iraqi Bank for Trade has a network of banking branches in Iraq which plays a very important role in identifying sources of financing and securing projects. As a leading and trusted institution among international banking institutions, the Bank has opened a representative office in the UAE in 2017. Since then, the Bank has established joint working and cooperation relationships with leading international banks and financial institutions to finance infrastructure projects inside Iraq, Reconstruction of Iraq.
It is worth noting that BTI is a leading financial institution in Iraq and has financial transactions with a network of 417 international banks in 61 countries around the world.
At the end of 2017, the total assets of the Iraqi Trade Bank amounted to US $ 19.300 billion, with a net profit of US $ 362.432 million. The Iraqi Trade Bank has a local branch network of 25 branches across Iraq with 122 ATMs and cash deposit. And is considered one of the most important banks in the Middle East because of its international reputation, which enabled him to win many awards, and this success is attributed to the confidence of customers and citizens of the bank, which had a prominent role in maintaining the leading position.
alforatnews.com
