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Fitch affirms national ratings of Banco APODEM

Fitch Ratings on Aug. 7 affirmed the AA-(dom) long- and F1+(dom) short-term national ratings of Banco de Ahorro y Crédito ADOPEM SA.

The outlook is stable.

The ratings are based on the company's profile, which considers its limited market franchise and business model specializing in microfinance.

The ratings also consider the bank's broad returns, healthy portfolio quality and robust capitalization, which are balanced by its limited revenue diversification.

The bank's high financial margin, lower provisions expense and adequate asset quality have sustained the bank's broad profitability, Fitch said.