S&P upgrades Gazprombank’s rating – Vedomosti

The international rating agency S&P Global Ratings has raised Gazprombank’s rating from BB + to sovereign BBB- with a stable outlook, the credit institution’s press service reported.

The bank noted that the rating was raised due to the “strong positioning of the credit institution in the corporate business segment”, which is reflected in the high quality of assets, despite the situation with the coronavirus pandemic. “The report published by S&P Global Ratings also notes that the rating action is due, among other things, to the improvement of the operating environment in the Russian Federation. The agency expects that the development of the bank’s retail business will support its margin and financial results in the next two years, ”Gazprombank said.

It is noted that the agency has raised the ratings of Gazprombank’s subsidiaries – Swiss Gazprombank Ltd and Luxembourg’s Bank GPB International SA to the same level …

According to the results of the first half of the year, the normalized net profit (adjusted for the foreign exchange loss included in the capital on issued indefinite liabilities) of Gazprombank increased 4.9 times compared to the same period in 2020 and amounted to 76.1 billion rubles, follows from reporting of a credit institution in accordance with IFRS. The bank’s assets increased by 5.2% – to almost 8 trillion rubles.

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