Fitch Rating for Bank of Industry and Mine

Fitch Ratings has assigned Bank of Industry and Mine (BIM) a Long-term rating of B+, Short-term B, Individual D, Support 4 and Support Floor B+. The Long-term rating Outlook is stable. The short- and Long-Term IDRs and Support Rating of Bank of Industry and Mine (BIM) reflect potential support from Iranian government. Its individual Rating reflects its strong franchise in financing Iran's industrial and mining sectors, sound capital ratios and good cost efficiency.
Despite a very high loans/deposits ratio, BIM's liquidity is adequate given that a large part of funding is long-term and essentially from the government and public sector or its own equity base.
As Fitch reports BIM is wholly owned by the Iranian government. In view of its ownership and its key role in financing Iran's industrial and mining sectors, support would probably the forthcoming from the Iranian government if required.
BIM presents its accounts in accordance with Iranian accounting standards, which incorporate Islamic accounting principles. BIM's expenses compares well by international standards. BIM is trying to reduce Operational Risk by improving its IT system.