Seker bank ’s Ratings Affirmed

TR02 1 2 2 CRA00-01 2 1 December 2023

Seker bank ’s Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of S ekerbank (SB) at ‘B-’ and ‘B’, respectively. At the same time, CI Ratings has affirmed SB’s Bank Standalone Rating (BSR) of ‘b-’ , Core Financial Strength (CFS) rating of ‘b’ , and Extraordinary Support Level of ( ESL) of Uncertain . The Outlook for the LT FCR and BSR remains Stable.

The affirmation of the ratings is underpinned by the Bank’s conversative credit risk management and high collection rates (leading to lower NPLs ) , improved operating and net profitability, and increased capital ratios. The affirmation also reflects the Bank’s still elevated government exposure, increased stage 2 loans – which are…