Posted by: 1 july, 2025
June 30, 2025, Dubai — International credit rating agency Fitch Ratings has announced the upgrade of Ipoteka Bank OTP Group’s Long-Term Issuer Default Ratings (IDRs) to 'BB' (from 'BB-') in both foreign and local currencies. The Outlook is Stable. The Shareholder Support Rating (SSR) has also been raised to 'bb' (from 'bb-'), while the bank’s Viability Rating remains unchanged.
This upgrade reflects the recent improvement in the sovereign credit rating of the Republic of Uzbekistan and signals growing confidence among international investors in the country’s economic outlook.
Ipoteka Bank continues to maintain strong positions, supported by its parent company — OTP Bank, a leading financial institution with a solid international reputation. OTP is the majority shareholder and provides reliable backing, further strengthening the financial resilience of Ipoteka Bank.
Fitch also affirmed the bank’s Short-Term IDRs at 'B', the highest possible rating within the BB category.
The upgrade underscores confidence in the stability of Ipoteka Bank OTP Group and its capacity for sustainable growth in Uzbekistan’s rapidly developing financial sector.
About OTP Group:
OTP Group, one of the fastest-growing banking groups in Central and Eastern Europe, entered the Uzbek market in 2023 by acquiring Ipoteka Bank. Today, the Group serves 17 million customers across 11 countries and is recognized as a leader among Europe's largest banks by S&P Global Market Intelligence.
Since joining OTP Group in 2023, Ipoteka Bank has been successfully transforming from a mortgage-focused institution into a universal bank with strong digital and corporate infrastructure. In 2024, the bank achieved key milestones: net profit reached UZS 1.84 trillion (approx. USD 145 million), ROE stood at 30%, and its customer base exceeded 1.7 million people.
