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PRESS-RELEASE: Credit rating of PJSC «Kreditprombank» is confirmed at the level uaA- 02/11/2012 November 2, 2012 The rating agency «Expert-Rating» has decided to confirm the credit rating of PJSC «Kreditprombank» at the level uaA- according to the national scale. The borrower with rating uaA- is characterized by a high solvency compared to other Ukrainian borrowers. Making decision of confirming the credit rating according to the national scale, the Agency was guided by key performance results of the Bank during the 9 months of 2012. Table 1 Key balance sheet indicators of PJSC «Kreditprombank» according to the results of 9 months of 2012 th. UAH, %, p.p.
Source: data of PJSC «Kreditprombank», calculations by RA «Expert-Rating»
1. In the third quarter of 2012 Kreditprombank has maintained a moderate dynamics of growth. The Bank’s assets have increased by 0,44% or by UAH 54,7 mln. during the 9 months of current year and as of 01.10.2012 have amounted to UAH 12,548 bn, liabilities have grown by 0,53% or by UAH 54,7 mln, having amounted to UAH 10,433 bn. The Bank’s loan portfolio has increased by 0,13% or by UAH 13,1 mln – up to UAH 9,931 bn that overall has corresponded to the general market trend in the banking system of Ukraine, whose loan portfolio has grown by 1,25% in the same period. At the same time, the Bank has increased operations with state securities, whose portfolio has grown by 16,24% or by UAH 110,4 mln according to the results of the Q3 compared to the beginning of 2012 and has amounted to UAH 790 mln that has also corresponded to the trends in the banking sector of the country – according to the NBU, investments of Ukrainian banks into securities have increased by 18,71% in the same period.
2. In the third quarter of current year Kreditprombank has continued to increase its resource base due to raising funds in the deposit market. Funds of legal entities have still demonstrated the highest growth rate, whose volume has increased by 9,35% or by UAH 160,5 mln since the beginning of the year and as of 01.10.2012 has reached to UAH 1,878 bn. At the same time, total funds, raised from the households by the Ukrainian banks, have reduced by 2,73% in the analyzed period. Funds, raised by the Bank from individuals, have increased by 1,62% or by UAH 86,9 mln – up to UAH 5,441 bn in the period from 01.01.2012 to 01.10.2012. Funds, raised by Kreditprombank from other banks, have reduced by 7,25% or by UAH 145,6 mln and as of 01.10.2012 have amounted to UAH 1,862 bn. As a result, the proportion of resources, raised from individuals and corporate clients, has increased in the liabilities structure of PJSC «Kreditprombank». Therefore, as of the end of the Q3 of 2012 the funds of individuals have accounted for 52,15% of the Bank’s liabilities, and funds of legal entities and other banks have accounted for 17,99% and 17,85%, respectively. In general, the Agency appreciates changes, occurred in the structure of the Bank’s resource base, which has been able to weaken the dependence from the market of interbank loans.
3. The equity norms of PJSC «Kreditprombank» including its activity scale, indicates an acceptable level of the bank’s capitalization. Thus, as of 01.10.2012 the Bank’s shareholders’ equity has amounted to UAH 2,115 bn, the norm of the Bank’s regulatory capital adequacy (N2) has been fixed at the level 12,61% (the required norm – not less 10%), and the norm of the ratio of regulatory capital to total assets (N3) has been at the level 10,11% (with the norm – not less 9%). At the same time, the Agency notes the decrease in these norms, occurred in the period from 03.10.2011 to 01.10.2012, having resulted from the process of increasing the efficiency of the shareholders’ equity use by the Bank. Table 2 Key norms of PJSC «Kreditprombank» according to the results of the 9 months of 2012 th. UAH, %, p.p.
Source: data of PJSC «Kreditprombank», NBU, calculations by RA «Expert-Rating»
4. The norms of the Bank’s liquidity still exceed the minimal norms set by NBU. Thus, as of 01.10.2012 the norm of instant liquidity (N4) has amounted to 43,18% (with the required norm – not less 20%), the norm of current liquidity (N5) has been at the level 75,87% with the limit norm of 40%, and the norm of short-term liquidity (N6) has amounted to 67,15% (with the needed level – not less 60%). Table 3 Separate indicators of income and expenses of PJSC «Kreditprombank» during the 9 months of 2011-2012 th. UAH, %, p.p.
Source: data of PJSC «Kreditprombank», calculations by RA «Expert-Rating» 6. The Bank’s activity has remained profitable. According to the 9 months of 2012 Kreditprombank has shown profit of UAH 2,893 mln, while the Bank has shown a loss of UAH 728,4 mln in the same period of 2011. Particularly, according to the results of the 9 months of 2012 net interest income of the Bank has amounted to UAH 182,3 mln that is by 42,64% less, than in the same period of 2011. At the same time, net commission income has reached UAH 85,2 mln that is by 9,75% more, than according to the results of the third quarter of past year. The ratio of net commission income to net interest income has grown by 22,31 p.p. and has reached 46,74% according to the 9 months of 2012 that has positively reflected at the diversification level of key sources of the bank’s income.
Therefore, the analysis of key performance indicators of PJSC «Kreditprombank» demonstrates positive trends of its development according to the results of the 9 months of 2012. The Bank continues to stably increase its resource base, to increase active operations and to generate profit. Indicators of capital adequacy and liquidity of the Bank are at an acceptable level that enables it to perform the undertaken obligations.
Analytical service of RA «Expert-Rating» Confirmation of PJSC «Kreditprombank» (english version) - 02.11.2012
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