PR The Ukrainian rating agency IBI-Rating in December 2023 announced an increase in the long-term credit rating of CRYSTALBANK JSC to the level of “uaAA+” on the Ukrainian national scale. The rating forecast is “in development”.
A borrower or individual debt instrument rated IAAA has very high creditworthiness compared to other Ukrainian borrowers or debt instruments. The “+” sign means an intermediate rating level in relation to the main level.
The agency also confirmed the reliability rating of CRYSTALBANK deposits at the level of “5” (the highest reliability). The reliability rating of bank deposits is “5” – the highest reliability. The bank is reliable, pays its obligations on time in accordance with current legislation, including NBU requirements, and has a good reputation. minimally sensitive to the effects of adverse commercial, financial and economic factors.
As noted in the press release of RA IBI-Rating, the increase in the rating of CRYSTALBANK JSC to the level of “uaAA+” is due to the following indicators:
- sufficient capitalization indicators and financial support from shareholders;
- acceptable level of problem debt in the structure of working assets;
- active development of the regional network and card business;
- a gradual decrease in the concentration of loan and deposit portfolios of the main counterparties;
- maintaining a high level of liquidity against the backdrop of early repayment of all borrowings from the regulator;
- sufficient performance indicators and long-term profitable activities of the institution.
The bank operates with a sufficient level of profitability. The net profit of CRYSTALBANK JSC for 9 months of 2023 amounted to UAH 38.1 million. Net operating income shows growing dynamics, and the efficiency ratio of the banking institution remains at a good level – 140%.
To conduct the analytical study, materials received from CRYSTALBANK JSC were used, including: financial statements for 2020-2022. and 9 months of 2023, planned performance indicators, other necessary internal information, as well as information from open sources, the rating agency IBI-Rating considers reliable.
Joint Stock Company “CRYSTALBANK” is the first bank in Ukraine created by the Deposit Guarantee Fund of Individuals with the status of a “transitional bank”. Registered by the National Bank of Ukraine on December 16, 2014. In March 2015, the bank changed its “transitional” status and received a full banking license (NBU License No. 276 dated April 29, 2015, Registration number in the State Register of Banks 353 dated December 16, 2014).
JSC “CRYSTALBANK” belongs to the group of banks with private capital in accordance with the criteria for the distribution of banks into groups approved by the NBU. The bank's market share has remained stable in recent years – according to the results of the third quarter of 2023, among 63 banking institutions of Ukraine, CRYSTALBANK JSC took 44th position in terms of assets and 41st in terms of the volume of household funds, balance sheet capital and the volume of financial results obtained; as well as 38th position – in terms of the amount of funds of legal entities. As of the beginning of December 2023, the regional network of CRYSTALBANK JSC was represented by the Main Office in Kiev, as well as 40 branches in 28 localities of Ukraine.