CREDITWEST BANK’s RATING was ANNOUNCED
International Rating Organisation Japan Credit Rating (JCR) Eurasia, has announced the 2018 rating for Creditwest Bank. According to the report of JCR, Creditwest Bank was evaluated in ‘very high level investment’ category and the rating was affirmed as “AA+”. The report and the results of JCR Eurasia Rating Organisation on Creditwest Bank are published on www.jcrer.com.tr and the press of Turkey.
IMPROVEMENT IN EQUITY AND ASSET PROFITABILITY
According to the report, Creditwest Bank’s equity and asset profitability indicators have improved in 2017 as well, and maintained their level which is above the sector average. Thanks to the high internal resource generation capacity supported by sustainable income streams and the fact that a large part of the internal resources created are retained, their own resources have strengthened.
The rational organizational structure, effective and successful management practices, standardized work processes and relatively high corporate governance practices, and as well as the improvement in problem assets, profitability and capital adequacy indicators, and the high level of provision for non-performing receivables and the strong performance data of the first half of 2018 were the main factors in confirming the note of Creditwest Bank.
The report also identified the willingness of the partners towards supporting Creditwest Bank and the financial capacity level of the partners’ (2) and the capability of the Bank in managing the incurred risks within its own capacities under Stand Alone category as (A). The (A) grade in the Stand Alone category denotes “the highest” grade on JCR Eurasia Rating’s notation system, indicating an ability to comfortably meet its liabilities without external support whilst the (2) grade in the Sponsor Support category denotes a “sufficient” level of external support.
ZAHEER: Yearly Supervision by Independent Organisations for Transparent Banking
Mazher Zaheer, the General Manager of Creditwest Bank, stated that they act with the responsibility of their transparency principle towards their stakeholders, and supervised regularly over all banking activities by independent organizations. In addition to the evaluation of Creditwest Bank by the rating agency JCR, the financial reports are prepared in accordance with the International Standards for Financial Reporting added Mr. Zaheer.
Underlining that reliability is the most important value for a bank, Zaheer stated that such reports are important not only for the customers but also for improving the Bank’s reputation and reliability in foreign markets. Mr. Zaheer added that the organizations of TRNC can receive rating notes from international supervision organizations even though the TRNC is not internationally recognized, and such reports and ratings enable an independent and external evaluation of the bank.