Fitch Ratings upgrades Banco Montepio rating
Fitch has upgraded Montepio's rating outlook due to progress in reducing non-performing assets, strengthening capital ratios and operational adjustment.
Financial ratings agency Fitch has upgraded Montepio’s rating outlook due to progress in reducing non-performing assets, strengthening capital ratios and operational adjustment, the bank announced on Wednesday.
“Caixa Económica Montepio Geral, caixa económica bancária, S.A. (Banco Montepio) said in a statement dated March 9 2022, the financial notation agency Fitch Ratings had upgraded its outlook of Banco Montepio’s risk rating (‘Long-Term Issuer Default Rating’ (IDR)),” a statement sent to the Portuguese securities and market commission (CMVM) said.
According to the bank, “the upward revision of the outlook reflects Banco Montepio’s significant progress in reducing non-performing assets and the expectation that this trend will continue in the future”, as well as “the strengthening of capital ratios to levels above regulatory requirements”.
Additionally, it translates “the successful fulfilment of the objectives of the operational adjustment plan, namely in what concerns the optimisation of the branch network and the staff, which will contribute to an improvement in profitability and efficiency as from the current year”.