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IBI-Rating has affirmed the credit rating of JSC «SKY BANK» at uaA- grade
19.03.2019
IBI-Rating informs on affirming of the credit rating of JSC «SKY BANK» at uaA- grade, with a «developing» outlook.
JOINT STOCK COMPANY «SKY BANK» is one of the first commercial banks of Eastern Ukraine, which was founded on 08.02.1991 as a limited liability company, with the name Regional Commercial Bank «Region-Bank». A banking institution belongs to a group of banks with private capital — the main shareholder is the individual Babaev Arif (Kazakhstan), which owns 99.44% of the capital. The Bank cooperates with clients from various sectors of the economy, with the priority being comprehensive customer service of companies and entrepreneurs using modern banking technology solutions.
Following the results of 2018 among 77 banking institutions (classified as solvent) JSC «SKY BANK» ranked 70th positions by asset; 60th - by the volume of the population's funds; 72th - by the size of the balance capital and the 67rd place - by financial result. Until 2017, the banking institution developed within one region - the Kharkiv oblast. After the change of ownership and approval of the new development strategy, the bank's head office became located in its own building in Kyiv and the optimization of the network of branches in Kharkiv was carried out (currently operate 8 branches).
The regulatory capital of the bank complies with the requirements of the current legislation, the stock of deviations for most economic standards is sufficient. In turn, the indicators of the efficiency of the banking institution are now under pressure of significant costs from the revaluation of investment property, of significant expenditures for carrying out measures to modernize the financial institution, updating of IT technologies, software, communication networks, etc. As a result, the net financial result of JSC «SKY BANK» at the end of last year amounted to (-) UAH 7.9 million. In turn, it should be noted that, according to the reporting on the results of January 2019, the Bank received a net profit in amount of UAH 4.6 million.
The affirming of the credit rating of JSC «SKY BANK» is conditioned by sufficient indicators of capitalization and liquidity, availability of financial support from the shareholder, acceptable structure and quality of assets, as well as an acceptable diversification of the resource base. At the same time, the most important for the bank is the concentration of the loan portfolio in terms of major borrowers; low indicators and unprofitable activities, which is due to substantial investments in the development of the material and technical base; maintaining the high sensitivity of the banking system to operational risks due to the volatility of the legislative field, the difficult situation in the economy, as well as the limited financial capacity of the population and enterprises of the real sector.
In order to conduct the analytical research the materials provided by JSC «SKY BANK» have been used, including: annual financial statements for 2016-2018 year, target performance indicators, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.
Financial department
For additional information please contact:
Press office of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua
JOINT STOCK COMPANY «SKY BANK» is one of the first commercial banks of Eastern Ukraine, which was founded on 08.02.1991 as a limited liability company, with the name Regional Commercial Bank «Region-Bank». A banking institution belongs to a group of banks with private capital — the main shareholder is the individual Babaev Arif (Kazakhstan), which owns 99.44% of the capital. The Bank cooperates with clients from various sectors of the economy, with the priority being comprehensive customer service of companies and entrepreneurs using modern banking technology solutions.
Following the results of 2018 among 77 banking institutions (classified as solvent) JSC «SKY BANK» ranked 70th positions by asset; 60th - by the volume of the population's funds; 72th - by the size of the balance capital and the 67rd place - by financial result. Until 2017, the banking institution developed within one region - the Kharkiv oblast. After the change of ownership and approval of the new development strategy, the bank's head office became located in its own building in Kyiv and the optimization of the network of branches in Kharkiv was carried out (currently operate 8 branches).
The regulatory capital of the bank complies with the requirements of the current legislation, the stock of deviations for most economic standards is sufficient. In turn, the indicators of the efficiency of the banking institution are now under pressure of significant costs from the revaluation of investment property, of significant expenditures for carrying out measures to modernize the financial institution, updating of IT technologies, software, communication networks, etc. As a result, the net financial result of JSC «SKY BANK» at the end of last year amounted to (-) UAH 7.9 million. In turn, it should be noted that, according to the reporting on the results of January 2019, the Bank received a net profit in amount of UAH 4.6 million.
The affirming of the credit rating of JSC «SKY BANK» is conditioned by sufficient indicators of capitalization and liquidity, availability of financial support from the shareholder, acceptable structure and quality of assets, as well as an acceptable diversification of the resource base. At the same time, the most important for the bank is the concentration of the loan portfolio in terms of major borrowers; low indicators and unprofitable activities, which is due to substantial investments in the development of the material and technical base; maintaining the high sensitivity of the banking system to operational risks due to the volatility of the legislative field, the difficult situation in the economy, as well as the limited financial capacity of the population and enterprises of the real sector.
In order to conduct the analytical research the materials provided by JSC «SKY BANK» have been used, including: annual financial statements for 2016-2018 year, target performance indicators, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.
Financial department
For additional information please contact:
Press office of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua