IBOX BANK has upgraded its long-term credit rating to the highest level

2022-08-08
news-post

On August 8, 2022, the rating committee of RA “Expert-Rating” confirmed the long-term credit rating of IBOX BANK, which confirms the highest creditworthiness.

Therefore, Private Joint Stock Company IBOX BANK (USREOU code 21570492) updated its credit rating to the uaAAA level on the national scale.

A bank or a separate debt instrument with a uaAAA rating is characterized by the highest creditworthiness compared to other Ukrainian borrowers or debt instruments. When deciding to update the credit rating on a national scale, the Agency was guided by the results of the analysis of the Bank’s financial and statistical reporting for the first half of 2022, as well as separate forms of the Bank’s statistical reporting for 2021 and for January-July 2022, the Agency’s conclusion states.

“This year, IBOX BANK has grown and entered the second group of banks. Confirmation of high financial indicators and capital quality by the most authoritative rating agency is undoubtedly the merit of the entire team, which works 24/7 in extraordinary conditions”, said Alyona Shevtsova, the shareholder and Chairman of the Supervisory Board of IBOX BANK.

In the generalizations of RA “Expert-Rating” it is also noted that IBOX BANK responsibly fulfills its obligations to customers and creditors despite military aggression of the Russian Federation and the introduction of martial law in Ukraine in February 2022. At the same time, Alyona Shevtsova, the shareholder of JSIBOX BANK C, adds that despite the military aggression against Ukraine, the financial institution continued active work and the introduction of new services and products, which made it possible to increase the profit to UAH 123.287 million in the first half of 2022.

“The financial institution’s liquidity coverage ratio for all currencies is several times higher than the limit set by the NBU, and this is a positive signal not only for our clients, but also for all Ukrainians – that the banking system can withstand the influx and professionally resist the aggressor on the financial front”, – commented Alyona Shevtsova, the shareholder and Chairman of the Supervisory Board of IBOX BANK.

The Committee of the Expert Rating Agency also summarizes in its report that “at the beginning of August 2022, JSC IBOX BANK is well provided with regulatory and core capital, as indicated by the Bank’s relevant standards (H1, H2 and H3), which exceeded the limits established by the NBU”. In turn, the Chairman of the Management Board of IBOX BANK, Petro Melnyk, commented that despite the extremely difficult macroeconomic situation, the bank managed to adjust its operational activities effectively and in the shortest possible time.

“Despite the enemy's aggression, IBOX BANK maintains liquidity and stability. Today, the self-sacrifice of every Ukrainian is of great importance, today we are all united and working for the result, each on our own part of the front. This year IBOX BANK has paid almost UAH 94 million of taxes and fees and three times more charitable assistance. Our strong market positions make Ukraine strong, so we will continue to fight for the strengthening of financial indicators, defending Ukraine’s independence”, said Petro Melnyk, the Chairman of the Management Board of JSC IBOX BANK.

Since the first days of the invasion, IBOX BANK has been opposing the enemy by helping Ukraine on the economic, diplomatic and business fronts. The increase in the authorized capital of JSC IBOX BANK even after the invasion of the occupier confirms the faith of its shareholders in the economy of Ukraine and in the stability of the banking system, which should become a pillar of the country’s recovery after Ukraine’s victory over the army of the occupier.

We will remind that in the first weeks of the military invasion, IBOX BANK handed over its entire fleet of collection vehicles for the needs of the Armed Forces and territorial defense. Armored vehicles save not only the lives of Ukrainian soldiers but have also become evacuation vehicles for residents of Irpen and Bucha.