Fitch revises MoraBanc’s outlook upwards

Fitch revises MoraBanc’s outlook upwards

Fitch has issued an assessment of MoraBanc’s rating, maintaining it at BBB-, and revising its outlook upwards, which is now stable. The agency’s report highlights the bank’s strength reflected in a balance sheet that shows it will be able to deal with possible adverse economic scenarios.

The bank’s conservative management with moderate exposure to risk with high-quality assets and efficiency, which Fitch places above other Andorran banks, have been key to increasing profits for the fourth consecutive year despite this last turbulent one due to the Covid-19 pandemic and market volatility.

Fitch highlights MoraBanc’s good positioning in Andorra and also the growth it has recorded in recent years internationally in private banking management, particularly in Miami and Zurich, providing the bank a high degree of resilience.

Pedro González Grau, Chairman of MoraBanc, points out that “all the efforts made in recent years to be a much more robust, bigger and more efficient bank are evident in the evolution of the Fitch ratings which, after a few stable years, are now also improving.”

Lluis Alsina, MoraBanc’s Managing Director points out the challenges ahead. “We have been achieving good results for the last 4 years and we continue with a strategic plan to continue growing both in Andorra and internationally. We have clear business opportunities that Fitch also identifies as the levers to improve our ratings.”

MoraBanc presented the 2020 financial year’s profit and loss results confirming a profit growth of up to 30.1 million euros with a rise of 6.5% in assets under management and with a capital ratio that increases to 25.5% CET 1 fully loaded, outstanding results that are now reinforced by the rise of the Fitch outlook rating.