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PRESS-RELEASE: The credit rating of PJSC «CB «GLOBUS» is confirmed at the level uaA-


04/09/2012

PRESS-RELEASE

(Translation from Russian)

The credit rating of PJSC «CB «GLOBUS»

is confirmed at the level uaA-

 

            August 23, 2012 RA «Expert-Rating» has decided to confirm the credit rating of PJSC «CB «GLOBUS» at the level uaA- according to the national scale. The borrower with rating uaA- is characterized by a high solvency in comparison with other Ukrainian borrowers. Making decision about confirming the credit rating according to the national scale, the Agency was guided by the results of the Bank’s activity in the 1 half of 2012.

Table 1

Key balance sheet indicators of PJSC «CB «GLOBUS» in the 1 half of 2012, th. UAH, %, p.p.

Indicators

 01.07.2012

 01.01.2012

Change

Growth rate, %

Shareholders’ equity

209 245

199 163

10 082

5,06%

Authorized capital

160 000

160 000

0

0,00%

Shareholders’ equity/Assets ratio, %

9,10%

11,16%

-2,06 p.p.

-

Total liabilities

2 089 390

1 584 920

504 470

31,83%

Including liabilities in foreign currency

1 131 219

780 293

350 926

44,97%

Funds of banks

1 025 736

1 040 179

-14 443

-1,39%

Funds of individuals

423 987

383 783

40 204

10,48%

Funds of legal entities

104 342

85 521

18 821

22,01%

Total assets

2 298 635

1 784 083

514 552

28,84%

Liquid assets (Cash and cash equivalents + Trading securities + Funds in other banks)

1 184 202

1 221 956

-37 754

-3,09%

Customer credits and debt

447 389

384 547

62 842

16,34%

Including customer credits and debt in foreign currency

302

1 124

-822

-73,13%

Loan provisions

(73 502)

(69 747)

3 755

5,38%

Loan provisions/ customer credits and debt ratio, %

16,43%

18,14%

-1,71 p.p.

-

Securities (Securities for sale + Securities for redemption)

-

-

-

-

Securities provisions (for sale + for redemption)

-

-

-

-

Liquid assets/Liabilities ratio, %

56,68%

77,10%

-20,42 p.p.

- 

Source: data of PJSC «CB «GLOBUS», calculations by RA «Expert-Rating»

1. In the 1 half of 2012 PJSC «CB «GLOBUS» has continued its intensive development. Thus, in the period from 01.01.2012 to 01.07.2012 the Bank’s assets have increased by UAH 514,6 mln or by 28,84% and as of the end of the Q2 of 2012 have reached UAH 2,299 bn. At the same time, the growth rate of total assets of the banking system of Ukraine has amounted to only 4,75% in the same period. The loan portfolio of PJSC «CB «GLOBUS» has increased by 16,34% or by UAH 62,8 mln. since the beginning of 2012 and as of 01.07.2012 has amounted to UAH 447,4 mln that indicates the Bank’s intention to strengthen its positions in this segment of banking services despite the common trend of reducing the portfolios of customer credits and debt.

 2. During the 6 months of 2012 clients funds raised by the Bank have increased by 31,83% or by UAH 504,5 mln, taking into account that total liabilities of Ukrainian banks have grown by only 4,65% in the average on the system. Funds of individuals, raised by PJSC «CB «GLOBUS», have increased by 10,48% or by UAH 40,2 mln and as of 01.07.2012 have amounted to UAH 424 mln, funds of legal entities have increased by 22,01% or by UAH 18,8 mln and at the last reported date have amounted to UAH 104,3 mln. The Agency also notes the decrease in the proportion of funds, raised in the interbank market, in the structure of the Bank’s liabilities. If as of 01.01.2012 the proportion of banks’ funds have amounted to 65,63%, then as of 01.07.2012 its level has already reduced by 16,54 p.p. down to 49,09%. At the same time, as of 01.07.2012 funds of individuals and legal entities have occupied 20,29% and 4,99% of total liabilities of the Bank respectively, the proportion of other financial liabilities have amounted to 25,40%. As a whole, the Agency appreciates the respective changes in the structure of liabilities of PJSC «CB «GLOBUS» as they are aimed to improve the level of diversification of the Bank’s resource base.

3. Along with the active involvement of funds in the financial market, the resource base of the Bank has also been replenished by domestic resources. Thus, in the period from 01.01.2012 to 01.07.2012 shareholders’ equity of PJSC «CB «GLOBUS» has increased by UAH 10,1 mln or by 5,06% and has amounted to UAH 209,2 mln, regulatory capital (N1) has grown by UAH 17,4 mln or by 9,26% and has amounted to UAH 205,1 mln (with the minimum needed level – UAH 120 mln). At the same time, due to the faster growth of assets, compared to the growth of shareholders’ equity, there has been some decrease in indicators N2 and N3. Thus, the capital adequacy norm (N2) has reduced by 5,95 p.p. (from 17,54% down to 11,59% with the required norm – not less 10%), and the norm of the regulatory capital to total assets (N3) has decreased by 1,56 p.p. (from 12,30% down to 10,74% with the norm – not less 9%). At the same time, the Agency emphasizes that the Bank continues to excessively perform requirements of the NBU to capital norms.

Table 2

Key norms of PJSC «CB «GLOBUS» in the 1 half of 2012

Norms

Norm set by NBU

01.07.2012

01.07.2011

Change, th. UAH, p.p.

The Bank’s norm

The average of the system

The Bank’s norm

The average of the system

Regulatory capital (N1), th. UAH

120 000                 th. UAH

205 084

 

187 698

 

17 386

Regulatory capital adequacy (N2), %

not <10%

11,59%

17,98%

17,54%

19,20%

-5,95 p.p.

Regulatory capital/Total assets ratio (N3), %

not <9%

10,74%

14,58%

12,30%

14,65%

-1,56 p.p.

Instant liquidity (N4), %

not <20%

30,20%

52,75%

36,67%

54,30%

-6,47 p.p.

Current liquidity (N5), %

not <40%

58,59%

70,75%

67,87%

73,02%

-9,28 p.p.

Short-term liquidity (N6), %

not <60%

102,15%

94,46%

81,86%

89,34%

20,29 p.p.

Norm of large loan risks (N8), %

not >800%

502,24%

 178,68%

586,01%

148,37%

-83,77 p.p.

Norm of the maximum amount of loans, guarantees and sureties, issued to the insiders (N10), %

not >30%

0,46%

2,99%

0,26%

2,36%

0,20 p.p.

Source: data of PJSC «CB «GLOBUS», calculations by RA «Expert-Rating»

                4. Indicators of the Bank’s liquidity show that PJSC «CB «GLOBUS» is trying to pursue the balanced policy of managing this type of risk, avoiding excessive deviations in either direction. Thus, as of 01.07.2012 the norm of instant liquidity (N4) has amounted to 30,20% (with the required norm of not less 20% and with the average of the system – 52,75%), the norm of current liquidity (N5) has been at the level 58,59% (with the required norm of not less 40%, and with the average of the system – 70,75%), at the same time the norm of short term liquidity (N6) has exceeded the average market indicator, having amounted to 102,15% (with the required norm of not less 60% and the average of the system – 94,46%).

 5. The analysis of the quality of the Bank’s loan portfolio indirectly indicates the decrease in the level of its risks. With the growth rate of the loan portfolio at the level 16,34%, loan provisions have increased by only 5,38%. In the period from 01.01.2012 to 01.07.2012 the ratio of loan provisions to customer credits and debt has reduced by 1,71 p.p.: from 18,14% down to 16,43% (with the average of the banking system – 20,54%). The sensitivity level of the Bank’s loan portfolio to the foreign currency risks has been minimized: as of 01.07.2012 the proportion of customer credits and debt in foreign currency has amounted to just 0,07%. The Agency also notes a gradual decrease in the concentration of large loans in the Bank’s loan portfolio, as indicated by a decrease in the norm of large loan risks (N8) by 83,77 p.p.: from 586,01% as of 01.01.2012 down to 502,24% as of 01.07.2012, with the norm of not more 800%.

             6.  In the 1 half of 2012 compared to the same period of 2011 PJSC «CB «GLOBUS» has significantly increased its profitability indicators. According to the results of the 1 half of 2012 net profit of the Bank has amounted to UAH 10,1 mln that is by 66,42% or by UAH 4 mln more, than in the corresponding period of 2011. The high growth of profit has been provided by the increase in net interest income in 2,5 times (by 152% or by UAH 46,6 mln), as well as by the increase in net commission income (by 146,2% or by UAH 2,8 mln). Respectively, the indicator of the Bank’s ROE has also increased: from 3,19% according to the results of the 1 half of 2011 up to 4,82% according to the results of the 1 half of 2012.

Table 3

Indicators of income and expenses of PJSC «CB «GLOBUS» in the 1H of 2011-2012, th. UAH, %, p.p.

Indicators

The 1 half of 2012

The 1 half of 2011

Change

Growth rate, %

Net interest income

77 290

30 671

46 619

152,00%

Net commission income

4 631

1 881

2 750

146,20%

Net commission income/ Net interest income ratio

5,99%

6,13%

-0,14 p.p.

-

Result from operations with securities in the trading portfolio of the bank

(521)

(1 185)

-664

-56,03%

Result from operations with foreign currency

(598)

6 047

-

-

Deductions into provisions for impairment of loans and funds in other banks

(57 827)

(18 956)

38 871

205,06%

Administrative and other operating expenses

(17 124)

(9 827)

7 297

74,25%

Net profit

10 082

6 058

4 024

66,42%

ROE, %

4,82%

3,19%

1,63 p.p.

-

Source: data of PJSC «CB «GLOBUS», calculations by RA «Expert-Rating»

Therefore, the analysis of key performance indicators of PJSC «CB «GLOBUS» has demonstrated the positive trends in the development of financial institution. The dynamics of the growth of profit, assets and liabilities of the Bank continues to exceed the average market rates. And good quality of assets, sufficient capital reserve and balanced policy of managing the liquidity provides the Bank with a high level of financial stability and solvency.

Analytical service of RA «Expert-Rating»

Confirmation of PJSC «CB «GLOBUS» (english version) - 23.08.2012

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