By the decision of the rating committee of the Rating Agency "Standard-Rating" the long-term credit rating of the Joint-Stock Company "PIRAEUS BANK ICB" was updated on a national scale at the level of uaAA. A bank or individual debt instrument with a rating of uaAA is characterized by very high creditworthiness compared to other Ukrainian borrowers or debt instruments. The decision to update the credit rating of PIRAEUS BANK ICB JSC was made on the basis of the analysis of the Bank's results for the first half of 2020, as well as the Bank's statistical reporting data for January-July 2020.

Despite the quarantine measures, in the first half of 2020 the Bank continued to increase its resource base by attracting funds from individuals and legal entities. Thus, for the period from 01.01.2020 to 01.07.2020 the funds of individuals in the liabilities of JSC "PIRAEUS BANK ICB" increased by UAH 138.134 million. or on12.98%, and the amount of funds of legal entities increased by UAH 54.574 million. or 5.92%.

In the first half of 2020, the key balance sheet indicators of PIRAEUS BANK ICB JSC showed different dynamics: the Bank increased its assets, liabilities and equity against the background of a decrease in the loan portfolio and investments in securities. At the same time, the Agency draws attention to the increase in the amount of funds of individuals and legal entities in the resource base of JSC "PIRAEUS BANK ICB", which will increase the credit activity of the Bank.The Agency reminds that the business strategy of PIRAEUS BANK ICB JSC is focused on expanding lending to small and medium-sized enterprises (SMEs), which is facilitated by the Bank's cooperation with the German-Ukrainian Fund and European Bank for Reconstruction and Development (EBRD). PIRAEUS BANK ICB JSC expanded the framework of cooperation with the EBRD by signing on February 7, 2020 two cooperation agreements aimed at supporting SMEs. Bank has been a member of the EBRD's Trade Facilitation Program for a long time.

As of the beginning of August 2020, PIRAEUS BANK ICB JSC supported Indexes liquidity ratios (H6, LCRs and LCRs) at a sufficiently high level. The agency once again reminds that highvalue LCRbv and LCR standards indicate that the Bank has a significant liquidity reserve to cover the outflow of customer funds for 30 days in a crisis.

Following the results of the first half of 2020 JSC PIRAEUS BANK ICB showed a profit in the amount of 48 thousand UAH, which is 99.75% less than the amount of profit received by the Bank in the first half of 2019. The decrease in the Bank's profit was due to a reduction in its volumekey income. Thus, in the first half of 2020 compared to the same period in 2019The Bank's net interest income decreased by 7.55% to UAH 102.328 million, and net commission income decreased by 11.14% to UAH 42.966 million.

In the first half of 2020, the dynamics of key balance sheet indicators of JSC "PIRAEUS BANK ICB" was multidirectional: The Bank increased its assets, liabilities and equity against the background of declining loan portfolio and investments in securities. Relevant factors, as well as the fact that PIRAEUS BANK ICB JSC is a bank of Piraeus Bank Group, one of the largest European systemic banks, allowed the Agency to update the credit rating of PIRAEUS BANK ICB Joint Stock Company at such a high level.

The full version of the press release here