Moody's: Armeconombank negative

Moody's Investors Service said it changed the outlook on Armeconombank's B1 local and foreign-currency deposit ratings to negative from stable.

Moody's said the change of outlook on the bank's ratings reflects the increasing negative pressure on its operating efficiency and profitability.

Despite good revenue generation as reflected in its strong and growing net interest and fee incomes, Armeconombank has experienced significant deterioration in the bottom line profitability due to about 50% increase in operating expenses in the past four years as the bank invested in modernizing its branches, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.