ACRA has upgraded the credit rating of Bank Saint Petersburg

AK&M 06 June 2023 14:23

Analytical Credit Rating Agency upgraded the credit rating of PJSC Bank Saint Petersburg on June 6, 2023 up to the A+(RU) level, the forecast is "stable". This is stated in the agency's message.

The positive rating action reflects an improvement in the risk profile of PJSC Bank Saint Petersburg against the background of an increase in the assessment of the quality of its assets. In addition, ACRA notes that the bank's strong financial result in 2022 has strengthened its capital position and relative resilience to the challenges and risks of the external environment.

The assessment of one's own creditworthiness now takes into account the improvement of the risk profile by one step to an adequate level, and also, as a year earlier, is due to an adequate business profile, strong capital adequacy, a satisfactory funding and liquidity position. The final credit rating is one notch higher than USC, which reflects ACRA's opinion about the local systemic importance of the Bank, which is determined taking into account the positions it occupies in the main region of its presence.

BSPB is one of the twenty largest credit institutions of the Russian Federation, is a significant regional bank and has a universal nature of activity. The Bank carries out operations mainly on the territory of St. Petersburg, Leningrad Region and Moscow.