City Bank retains Moody’s B1 rating

City Bank Limited has retained the credit rating B1 of Moody's Investors Service.

Moody's Investors Service published their latest credit opinion on City Bank, recognising both potential and challenges of the bank in this critical time, said a press release.

The bank retained the credit with a negative outlook from last year, demonstrating its moderate profitability driven by maintaining the Net Interest Margin intact, its heightened asset risk due to disruptions caused by the coronavirus outbreak and its capitalisation that is under pressure compared to the previous years.

Superior strength on Consumer Banking & Credit Card segments and access to development funds from development financiers are recognised as credit strengths of the bank.

However, the impact of the global coronavirus outbreak has taken a toll on all the key parameters of the rating and the outlook of the entire system is depending heavily on how well this pandemic is dealt with and warded off.

City Bank thanked its customers, shareholders, employees, regulators and well-wishers for their support in this difficult time.