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IBI-Rating has affirmed the credit rating of «SBERBANK» JSC at uaAA+ grade

21.06.2018
IBI-Rating informs on affirming of the credit rating of «SBERBANK» JSC at uaAA+ grade with a «negative» outlook and keeping the rating on the Credit Watch List. As well, the rating of bank deposit reliability has been affirmed at «5+» grade (excellent reliability).

The affirmation of the ratings of «SBERBANK» JSC is due to expected increase in authorized capital, high indicators of operational efficiency, strong market positions, as well as diversification of investment funds directions and sources of resources attraction. Besides, the Rating agency was taken into account, a significant amount of funding from related structures, which, in the opinion of the IBI-Rating, will continue even after changing the owners of the bank. At the same time, concentration of the customer loan portfolio by major borrowers is kept, which increases the bank’s vulnerability to credit risk. Also, the bank’s ratings are affected by preservation of the difficult situation in the economy, the expected change of owners of the banking institution and uncertainty of its development strategy.

Keeping of the credit rating on the Credit Watch List is due to the entry into force of the Decision of the National Security and Defense Council of Ukraine, taken on 01 March 2018, on «Personal Special Economic and Other Restrictive Measures (Sanctions)» with regard to Ukrainian banks with the Russian state capital. During the analyzed period, several potential investors submitted documents to the National Bank of Ukraine on the approval of changes in the owners of «SBERBANK» JSC. For various reasons, owners' changes did not occur and the process of investor search continues.

«SBERBANK» JSC is a system banking institution. The bank holds strong market positions and serves population and enterprises of various sectors of the economy in different regions of the country. The bank's capitalization is maintained at a moderate level and meets the requirements of the regulator. The planned increase in authorized capital will contribute to further improvement of capitalization. In the analyzed period, the effect of expenses on the formation of provisions for active operations on the financial result of the bank was moderate (the bulk of the reserves was formed in previous years). As a result, unlike in previous periods, the activities of the banking institution in 2017 and the first quarter of 2018 were profitable - net profit for the indicated periods amounted to UAH 132.4 million and UAH 24.9 million in accordance.

In order to conduct the analytical research the materials provided by «SBERBANK» JSC have been used, including: financial statements based on the results of 2015-2017 and 3 months of 2018, target performance indicators, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

Finance department
For more information please contact:
Press service of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua