Global credit appraiser Fitch Ratings has raised Woori Bank’s long-term credit rating from A- to A in consideration of its sound business performance, the bank said Friday. 

The rating agency had maintained the lender’s long-term credit rating at A- for 16 years since 2005. The latest upgrade reflects the company’s efforts to improve risk management skills, asset soundness, profitability and capital adequacy, which has led to a significant increase in earnings, it explained. 

Woori Bank logged a net profit of 1.27 trillion won ($1.1 billion) for the January-June period, sharply up 88 percent from 677 billion won a year earlier.

The rating agency also upgraded the lender’s short-term credit rating from F1 to F1+, the highest level in the four-tier system beginning from F3, while revising up its “stand-alone credit profile” to a- from bbb+. SACP measures a company’s creditworthiness without taking account of external financial assistance from government institutions or other companies. 

“With the improved credit rating, Woori Bank’s overseas business activities will gain momentum and the costs of funding are likely to reduce,” a Woori Bank official said. 

Meanwhile, S&P Global Ratings also upgraded both the long-term credit and stand-alone credit profile of the bank from A to A+ and bbb+ to a-, respectively, last month.