S&P Global Ratings upgraded Ipoteka Bank’s credit rating to 'BB' with Outlook “Stable”

Ipoteka Bank JSCM has received a credit rating upgrade from S&P Global Ratings. Effective May 15, 2026, rating agency raised Ipoteka Bank's long-term issuer credit rating from 'BB-' to 'BB', while affirming the short-term rating at 'B'. The outlook is Stable. This upgrade reflects the bank's substantially improved capitalization, the significant completion of its integration with OTP Group, and sustained financial performance in Uzbekistan's growing banking market.

The key factor behind this upgrade is Ipoteka Bank's improved capitalization. Ipoteka Bank's regulatory capital adequacy ratio stood at 19.1% as of March 31, 2026 - well above the 13% minimum required by Central Bank of the Republic of Uzbekistan. S&P Global Ratings’ Risk-Adjusted Capital (RAC) ratio rose to 11.7% at 2025 year-end, up from 9.5% a year earlier. This improvement moved the bank's Capital and Earnings assessment from 'Adequate' to 'Strong'.

Moreover, since OTP Group acquired Ipoteka Bank, the institution has undergone significant operational and corporate governance changes. S&P Global Ratings confirmed that this integration is currently substantially complete. Under OTP Group's ownership, the bank has upgraded its risk management systems, compliance frameworks, collections processes, cyber security, and IT infrastructure. S&P Global Ratings notes that these improvements positively differentiate Ipoteka Bank within the Uzbek banking sector. The rating agency also notes that Ipoteka Bank is gradually working out its legacy problem loans with the support of OTP Group and anticipates further improvement in the bank's asset quality going forward.

For FY 2025, Ipoteka Bank reported a strong financial performance with return on equity (ROE) of 28.1% and with net profit UZS 2 047 billion according to IFRS. Also, Ipoteka Bank issued 300 million USD in Eurobonds in October 2025, alongside a local currency tranche of 1.2 trillion UZS, broadening its funding base and extending its presence in international capital markets.