Fitch Ratings Upgrades Eldik Bank's Credit Rating to 'B' with Stable Outlook

Eldik Bank became the first bank in the Kyrgyz Republic to successfully raise its credit rating to "B" with a stable outlook.

The international rating agency Fitch Ratings raised the long-term issuer default rating (credit rating) of Eldik Bank OJSC in national and foreign currencies from "B-" to "B", forecast - Stable, to the level of the sovereign credit rating of the Kyrgyz Republic.

Thus, Eldik Bank became the first bank in Kyrgyzstan that not only maintained, but also raised its credit rating. Let us recall that earlier in 2024, the Bank received a credit rating from the international agency Fitch Ratings at the level of "B-" with a stable outlook.
The rating upgrade reflects the improvement of the country's macroeconomic indicators, the systemic importance of Eldik Bank, as well as the ability and willingness of the state to support the bank if necessary. Key factors highlighted by Fitch Ratings:
• Sector leadership: Eldik Bank is the second largest bank in Kyrgyzstan with a share of 16% of all banking sector assets;
• Active development: Average annual growth of the loan portfolio amounted to 34% over the past three years - one of the highest in the industry;
• Financial stability: High profitability, reliable liquidity and capitalization (Fitch Core Capital - 28% in 2024, expected to grow to 35-40% in 2025-2026);
• Government support: Regular capital injections from the government strengthen the bank's position and allow it to scale up socially significant programs.

"The upgrade of Fitch's rating was a recognition of Eldik Bank's role as a reliable, dynamically developing player in the country's banking sector. This is the result of the well-coordinated work of the bank's team, strengthening of corporate governance and confirmation of our sustainable development strategy. We are grateful for the trust of our clients, partners and the state,” said Ulanbek Nogaev, Chairman of the Management Board of Eldik Bank OJSC.

Reference: Fitch Ratings is one of the three leading international rating agencies. Fitch ratings are recognized worldwide as a reliable indicator of the financial stability of organizations and states.