News feed

Інформаційні партнери:






PRESS-RELEASE: Credit rating has been assigned to PJSC “ASTRA BANK”, a subsidiary of Greek bank “Alpha Bank”, at the level uaA+ according to the national scale



(Translation from Russian)

Credit rating has been assigned to PJSC “ASTRA BANK”, a subsidiary of Greek bank “Alpha Bank”, at the level uaA+ according to the national scale

March 13, 2012 RA «Expert-Rating» announces of the Rating committee’s decision about assigning the credit rating to JSC ASTRA BANK at the level uaA+ according to the national scale. This rating means that the Bank is characterized by high solvency comparing to other Ukrainian borrowers. The level of solvency is susceptible to adverse business, financial and economic conditions. Full justification of rating, assigned by RA «Expert-Rating», is contained in the rating report. When assigning an investment level of rating, the Rating committee was guided by the following conclusions:


1. JSC ASTRA BANK started its activity in the Ukrainian banking market in anticipation of the 2008 crisis. Since the beginning of activity ASTRA BANK has demonstrated good dynamics of development, as indicated by the growth rates of key performance indicators. Thus, Bank’s assets have increased by 14,22% over the period from 2008 to 2011, and as of 01.01.2012 have constituted UAH 1,9 bn Bank’s loan portfolio has grown in 2,8 times, funds of individuals have increased more than in 5 times, funds of legal entities – more than in 7 times, net profit has grown in 17 times over the given period. Despite the unstable recovery of economics in 2008-2011, JSC ASTRA BANK remained profitable during all the 4 years.

2. Bank’s capitalization is at the exceptional high level, as indicated by the significant volume of shareholders’ equity, which has constituted UAH 1,095 bn as of 01.01.2012, as well as by the high normatives of capital adequacy, maintained by the Bank throughout its entire existance. Thus, as of 01.01.2012 the shareholders’ equity/assets ratio has constituted 63,44%, the normative of adequacy of regulatory capital (N2) – 94,57% (at the average on the system – 18,51%), and the normative of the ratio between regulatory capital and total assets (N3) has constituted 58,55% (the average on the system – 14,82%). JSC ASTRA BANK consistently enters the TOP-30 of Ukrainian banks – the leaders in terms of their capital. At the same time, ASTRA BANK has good level of external support from its sole shareholder – one of the largest banks in South-Eastern Europe, the Greek bank Alpha Bank А.Е. Alpha Bank А.Е. has been founded in 1879, its regional network comprises over the 1000 offices, operating in Greece, Romania, Serbia, Albania, Bulgaria, Macedonia, Cyprus, Jersey and the United Kingdom.  

3.  Despite the difficulties in development of Greek economics and the write-offs of government bonds of Greece, conducted by Alpha Bank А.Е. in 2011, this bank is able to provide its Ukrainian subsidiary with a high level of external support. At the beginning of the 4Q of 2011 liquid assets of the Group Alpha Bank have constituted EUR 2 bn, clients’ credits and debt have amounted to EUR 47,2 bn. At the same time, the Group have had consolidated assets of EUR 67,727 bn. If there have been no write-offs of government bonds of Greece, Alpha Bank would have ended the 9 months of 2011 with profit before taxes of EUR 71 mln. Taking into account the merger between Alpha Bank А.Е. and EFG Eurobank Ergasias, approved by the Greek Competition Commission in January of 2012, the Agency predicts that the forthcoming merger will positively affect the level of external support, which can be provided by the joint bank with assets of more than EUR 150 bn. At the present, Alpha Bank А.Е. has opened the multicurrency credit line amounting to EUR 100 mln for JSC ASTRA BANK. As of 01.01.2012 the Ukrainian subsidiary has used only USD 21 mln.

4. The Agency has positively estimated the asset quality of JSC ASTRA BANK. The Bank has introduced the multilevel functional system of quality control of assets, developed in accordance with national standards and standards of Alpha Bank A.E., according to which the distribution of Bank’s financial resources by various directions is carried out with taking into account their level of risk. As of 01.01.2012 the structure analysis of the Bank’s loan portfolio has shown that the priority direction for placement of Bank’s funds is lending to individuals, which accounts for 65% of the loan portfolio. ASTRA BANK is one of the leaders in auto loans in the banking market of Ukraine. The indicator analysis of the loan portfolio’s quality shows that the concentration of the Bank’s loan risks in view of modern economic realities is relatively low. Thus, as of 01.01.2012 the proportion of problem loans in the Bank’s portfolio has constituted 12,9%, the proportion of bad loans – 5,1%, the ratio of loan provisions, formed by the Bank, to its loan portfolio, has amounted to 11,7%.

5. The Bank has been working profitably throughout the whole period of its functioning. Moreover, the Bank has demonstrated the record dynamics of profit growth, whose volume has increased in 17 times (by 1594,73%) for the period from 2008 to 2011, and as of 01.01.2012 it has amounted to UAH 22,8 mln. At the same time, total financial result of the Ukrainian banking system remains negative. Positive growth dynamics in efficiency of the Bank’s activity is indicated by ROS, ROA and ROE, which have reached their highest values for the period from 2008 to 2011, amounting to 12,29%, 1,32% and 2,18%, respectively.  

6. Analysis of Bank’s performing the liquidity normatives has shown that in 2009-2011 its indicators have exceeded with surplus the minimal frames set by NBU, as well as the average indicators of the Ukrainian banking system that indicates the exceptionally high liquidity of the Bank. Thus, as of 01.01.2012 the normative of instant liquidity of the Bank (N4) has amounted to 133,74% (the average of the system – 58,43%), the normative of current liquidity ratio (N5) – 88,53% (the average of the system – 77,33%), the normative of short-term liquidity – 135,44% (the average of Ukrainian banks – 93,97%). Such liquidity provides the Bank with a significant competitive advantage, especially under liquidity constraints in the domestic market, and points out that the Bank has a great potential for further increasing of active operations.  

Therefore, at the present day ASTRA BANK is one of the most dynamically developing banks of Ukraine, offering the wide range of innovative banking products for retail and corporate market segments. The Bank is far ahead of many of its competitors by the level of capitalization, which provides it with inexpensive resource base and, at the same time, is the guarantee of financial stability and solvency. Possessing a significant resource potential, the Bank actively increases its loan portfolio, while maintaining its quality at a good level, which, in the end, provides it with stable cash-flow in the form of increasing volumes of profit.


Analytical service of RA «Expert-Rating»

Confirmation of PJSC "ASTRA BANK" (english version) - 13.03.2012

Share on Share on