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DBRS boosts Caixa Geral de Depositos
DBRS said it upgraded Caixa Geral de Depositos to BBB(high) from BBB.
The upgrade considers the bank’s improvement in profitability while keeping its capitalization solid with a stable liquidity position, the agency said.
“CGD’s net income increased by 45% year-on-year (YOY) in FY 2022, supported by a significant increase in net interest income as a result of rising interest rates, and lower impairments reflecting the significant progress CGD has made in reducing its stock of non-performing loans (NPLs). The formation of new NPLs due to the pandemic Covid-19 and the Russia/Ukraine crisis has been moderate thus far,” DBRS said in a press release.
The trend is stable.
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