IBI-Rating has determined the credit rating of PJSC «SKY BANK» at uaA- grade

IBI-Rating informs on determining of the credit rating of PJSC «SKY BANK» at uaA- grade, with a «developing» outlook.

PUBLIC JOINT STOCK COMPANY «SKY BANK» is one of the first commercial banks of Eastern Ukraine, which was founded on 08.02.1991 in the form of a limited liability company with the name «Region-Bank». A banking institution belongs to a group of banks with private capital — since November 2016, the main shareholder is the individual Babaev Arif (Kazakhstan), which owns 99.44% of the capital. According to the information of PJSC «SKY BANK», the bank's shareholders are considering the possibility of acquiring / joining other banking institutions. The Bank cooperates with clients from various sectors of the economy, with the priority being comprehensive customer service of legal entities and entrepreneurs using modern banking technology solutions.

Following the results of 2017 among 82 banking institutions «SKY BANK» (classified as solvent) ranked 74th positions by asset; 67th - by the volume of the population's funds; 64th - by the size of the balance capital. Until 2017, the banking institution developed within the single region - the Kharkiv region. After the change of ownership and approval of the new development strategy, the bank's head office became located in its own building in Kiev and the optimization of the network of branches in Kharkov was carried out (currently operate 8 branches). In the near future, it is planned to expand the regional network by opening new branches in the Lviv and Odesa regions.

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 expenditures for carrying out measures to modernize the financial institution, updating of IT technologies, software, communication networks, etc. As a result, despite the positive amount of operating income from core activities, the net financial result of PJSC «SKY BANK» in 2017 was negative and amounted to (-) UAH 19 million.

The level of the determined credit rating of PJSC «SKY BANK» is conditioned by sufficient indicators of capitalization and liquidity, availability of financial support from the shareholder, acceptable structure and quality of assets. Also, the rating agency notes the acceptable diversification of the resource base and the balance of assets and liabilities by maturity. 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; preservation of a difficult situation in the economy, which limits the financial capacity of the population and enterprises of the real sector and adversely affects the level of confidence in banking institutions In order to conduct the analytical research the materials provided by PJSC «SKY BANK» have been used, including: annual financial statements for 2014-2017 years and I quarter of 2018, target performance indicators, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

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