An Iraqi bank has an internationally recognized credit rating as the first bank in the country
The credit rating agency “Fitch” on Sunday, the classification of the Iraqi Trade Bank at the level of B – with a stable outlook, as the first Iraqi bank to obtain an internationally recognized credit rating.
“This decision was the result of the continued efforts of the Iraqi bank to implement its comprehensive program of economic reform,” the agency said in a statement received by Mawazine News.
“A number of key factors have led to a positive assessment of the bank, notably improving the outlook for growth, the business environment and the security situation, as well as reducing the budget deficit and thereby reducing the medium-term debt ratio of GDP,” Fitch added.
“All financial and banking operations handled by BTI have been evaluated in accordance with internationally recognized Fitch standards, which represent the overall financial health of the Bank, with emphasis on financial reporting, portfolio management, profitability and diversification, as well as liquidity, revenues and factors. Other banking “.
For his part, Chairman of the Board of Directors of the Iraqi Bank for Trade, Faisal Al-Hims, “The risks to the classification is balanced at the moment,” pointing to “the importance of the role of security stability in the country during recent times in improving indicators of foreign investment and the recovery of the commercial market.”
“The strength of the balance sheet, the high level of profitability in the Bank’s business, coupled with liquidity and diversification strategy in the corporate and retail sectors have confirmed the growth and employment opportunities resulting from it, the high creditworthiness of the Iraqi economy and the quality of services provided to the Iraqi citizen,” he added.
According to the statement, “the total value of the assets of the Iraqi Trade Bank at the end of 2017 about 19.3 billion dollars, and a net profit of 362.43 million dollars.”
The Iraqi Trade Bank has a local branch network of 25 branches across Iraq, with 122 ATMs and cash deposits.
The Iraqi Trade Bank was established in 2003 and accounts for about 80% of Iraq’s trade finance business.
The bank ranks first among Arab banks in terms of cost-to-income ratio and ranked 332 globally on the Tier 1 capital. Source