While this dependence is readily apparent from Demirbank's income statement, it is not reliant on a significant open position and has built a strong capital basis, growing equity in real terms.
Asset quality remains good with problem loans fully covered by credit loss reserves.
The bank is well known in international markets and maintains a higher proportion of non-core funding in its liability mix. Because of all of these factors, Thomson Financial BankWatch is upgrading the bank's Senior Debt Rating.