T u rkiye Vakiflar Bankasi BSR Raised ; LT FCR Outlook Revised to Positive

Ref: TR 040 2 3 CRA00- 0 1 21 June 2024

T u rkiye Vakiflar Bankasi BSR Raised ; LT FCR Outlook Revised to Positive

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has raised the Bank Standalone Rating ( BSR ) and Core Financial Strength ( CFS ) rating of Turkiye Vakiflar Bankasi T.A.S. (Vakif) to ‘b’ and ‘bb-’, respectively, from ‘b-’ and ‘b+’. At the same time, CI Ratings has affirmed the Bank’s Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of ‘B’. The Outlook for the LT FCR has been revised to Positive from Stable while the Outlook for the BSR remains Stable. The ESL is affirmed as Moderate.

The upward change in the BSR and CFS rating is largely driven by the Bank’s resilient performance in terms of loan asset quality and funding despite the weakening in profitability metrics and moderate…