Sri Lanka, March 28 -- Fitch Ratings has assigned Sri Lanka-based State Mortgage & Investment Bank (SMIB) a first-time National Long-Term Rating of 'BB(lka)'. The Outlook is Stable.
Key Rating Drivers
Intrinsic Profile Drives Rating: SMIB's rating reflects its standalone financial strength and factors in its weaker-than- peers funding profile that has led to balance sheet mismatches. Risk controls are showing improvement, but still have room for enhancement, and the bank's capital position is not as strong as peers. SMIB has a long operating history, but its franchise remains modest as reflected in its negligible market share (0.3% of sector assets at end-3Q24). SMIB's credit profile, similar to peers, is influenced by Sri Lanka's improvi...