Moody’s update on RCB Bank: High capital adequacy, low NPL’s ratio

22 May, 2020

Moody’s Investors Service has published its updated credit analysis report on RCB Bank, highlighting its strong asset quality, low NPL and high capital adequacy ratios.

RCB Bank’s rating by Moody’s has remained unchanged at B1, with a stable outlook, which constitutes the highest rating among Cypriot banks, despite the rating agency’s prediction that the Cyprus economy will contract due to the COVID-19 pandemic. It is also important to underline that the said rating agency views positively the Bank’s efforts to grow its domestic and international business, a strategy that has already been baring fruit as indicated by the latest financial results which have been consistently positive over the past years.

It is noted that in 2017, Moody’s Investors Service upgraded RCB Bank’s long term local- and foreign-currency deposit rating to B1 from B3.

Commenting on maintaining the rating by Moody’s despite the recent negative developments in Cyprus and worldwide, Dr. Kirill Zimarin, CEO of RCB Bank stated: “This is another confirmation of RCB Bank’s stable financial position in terms of capital and liquidity. This consistency in ratings and profitability enable us to support our clients during these trying times but also to continue implementing our strategy for further development in Cyprus and beyond”.