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PRESS RELEASE RA Expert Rating confirms credit rating of Kreditprombank at the level uaBBB following Q1 2011


17/05/2011

PRESS RELEASE
RA Expert Rating confirms credit rating of Kreditprombank
at the level uaBBB following Q1 2011


On May, 17th, 2011 RA Expert Rating confirms credit rating of PJSC ‘Kreditprombank’ on the national scale at the level uaBBB. Confirming the credit rating, the Agency was guided by the data on Bank work in Q1 2011 (see the table).

Confirming the rating, the Agency was based on the following conclusions:
1. Following the results of Q1 2011 in comparison with Q1 2010 Bank net wealth increased by UAH 1,5 bn. or 11,63 % and as of 01.04.2011 made UAH 14,6 bn. The volume of Bank liquid assets during the considered period has
grown on 53,87 % and on 01.04.2011 has constituted UAH 1,7 bn., as a result, the share of cash and equivalents in the structure of Bank assets increased during the year from 8,39% to 11,57%.
2. The volume of loans and debts of clients of the Bank as of the Q1 2011 end in comparison with the same period of 2010 was reduced to UAH 531,9 m or on 4,51 %. Loan impairment provisions have increased during the same
period by UAH 235,6 m or on 16,66% and as of 01.04.2011 have been UAH 1,65 bn. that corresponds to 14,66% of loan portfolio. Such indicator of provisions/issued loans ratio does not exceed the average value in bank system (19,02%).
3. The rate of Bank liabilities growth in Q1 2011 in comparison to the Q1 2010 has made 12,94%. In the analyzed period the volumes of the means attracted from physical and legal bodies have increased at the same rates

— by 67,64% and 66,80 % accordingly. At the same time volume of means attracted by Kreditprombank in the interbank market dropped on 21,77% . As a result, as of 01.04.2011 in the structure of Bank liabilities the specific weight of the means attracted from clients and banks, makes 76,76%, in particular: means of physical persons

— 40,99%, means of legal persons

— 15,33%, means of banks

— 20,44 %. It should be reminded that as of 01.04.2010 the structure of Bank liabilities looked a little differently: the share of means of physical persons constituted 27,61%, the share of means of legal bodies was 10,38%, and the share of the means attracted from other banks, made 29,51%.
According to the Agency, the changes occurred during the analyzed time period in the structure of Bank resource
base show both general tendencies in the market, and the effective realization by the Bank of marketing policy directed on active attraction of population deposits.

4. As of Q1 2011 Bank equity makes UAH 1,825 bn. For the period 01.04.2010–01.04.2011 the Bank has increased equity by UAH 57,04 m or on 3,23%. Such volume of capital as of present time is quite enough to support bank
solvency indicator at good level.
As a whole, the Agency positively estimates current financial condition of PJSC ‘Kreditprombank’, considering the positive dynamics of basic indicators during the analyzed period. In particular, the Bank managed to carry out the task of escalating the portfolio of physical persons deposits. Increase of highly liquid assets share and sufficient level of capitalization allows PJSC ‘Kreditprombank’ to support adequate level of solvency and to meet obligations to depositors, investors and creditors.

Rating confirmation of Creditprombank (full version) 

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