CREDITWEST BANK’S RATING WAS ANNOUNCED
International Rating Organisation Japan Credit Rating (JCR) Eurasia, has announced the 2017 rating for Creditwest Bank. According to the report, 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.
ACCORDING TO THE REPORT, CREDITWEST BASED ON ITS ASSET SIZE IS PRESERVING ITS LEADING POSITION AMONG THE BANKS WITH PRIVATE CAPITALS.
According to the report, Creditwest Bank continued its growth in all core banking activities as the largest privately-owned bank in the sector and the largest private local bank based on asset size. Due to the increase in profitability and productivity, the bank’s equity and asset profitability indicators have improved and maintained their level which is above the sector average.
The report stated that the current level of capitalization and the liquid assets of the Bank, are at a level that could withstand the volatility in macro-economic indicators along with losses arising from contingent and moderate systemic risks. In addition, in the first half of 2017, the capital adequacy ratio continued to improve.
Rational organizational structure, effective and successful management practices, standardized work processes and relatively high corporate governance practices are other factors which contribute positively to the 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: ANNUAL SUPERVISION BY INDEPENDENT ORGANISATIONS FOR TRANSPARENT BANKING
Mazher Zaheer, the General Manager of Creditwest Bank, stated that they act with the responsibility of the transparency principle towards their stakeholders and all their banking activities are supervised regularly by independent organizations. In addition to the supervision of Creditwest Bank by the International Rating Organisation JCR, Mr. Zaheer added that the financial reporting was made in line with the international legislation and International Financial Reporting Standards.
Zaheer, underlining the importance of reliability for a bank, emphasized that these reports are not only important for local customers but also important reports in terms of reputation and reliability in foreign markets. Zaheer stated that the organizations of TRNC can receive rating notes from international supervision organizations even though TRNC is not internationally recognized and such reports provides an opportunity for banks to evaluate themselves from an independent and diverse point of view.