Moody's Ratings has upgraded Ipak Yuli Bank's long-term local and foreign-currency deposit ratings to Ba3 from B1 and its Baseline Credit Assessment (BCA) and Adjusted BCA to ba3 from b1, while affirming a Stable outlook.
 

The rating action follows Moody's upgrade of the Republic of Uzbekistan's sovereign ratings and reflects the strengthening operating environment for the country's banking sector, supported by continued improvements in the institutional framework, economic resilience, and fiscal fundamentals.
 

According to Moody's, Ipak Yuli Bank's upgraded ba3 Baseline Credit Assessment is supported by the Bank's solid recurring revenue generation, strong profitability, robust asset quality, and solid capital position. The Stable outlook reflects Moody's expectation that Ipak Yuli Bank's standalone credit profile will remain broadly unchanged over the next 12 to 18 months.
 

The rating upgrade marks another important milestone for Ipak Yuli Bank and reinforces the Bank's commitment to sustainable growth, prudent risk management, and delivering long-term value to its customers, shareholders, and business partners. The Bank will continue expanding its digital capabilities, enhancing its products and services, and strengthening its position as one of Uzbekistan's leading private commercial banks.