The substitution in banks: who now give loans


New customers

The crisis changes the emphasis in Bank lending. The portfolio of retail loans last year decreased by 5.7%, loans to companies barely growing. In 2015 the portfolio of credits to companies increased by 12.7% against 31.3% in 2014. In General, however, all growth was due to currency revaluation: without accounting of the portfolio increased by only 2.5%, counts chief analyst of Sberbank Mikhail Matovnikov.

On January 1, 2016, the portfolio of credits to non-financial companies exceeded 33 trillion.

“Lending is growing only in a small number of sectors,” says Matovnikov. For example, more loans began to take energy companies, chemical industry, agriculture and the food industry. Loans to energy companies in the portfolio of Sberbank increased by 17.7% in the first 9 months of last year according to the IFRS (latest available data). For the same period in 2014 strongest in the savings Bank increased lending to the oil and gas industry 66%.

Energy is the leader in credit growth and the Bank “FC OTKRITIE”, which twice increased lending to energy companies in the first half of 2015, according to the IFRS (latest available data). “Electricity is the basic infrastructure, so the industry even in crisis feels good,” explains senior Vice President of the Bank “FC Opening” Gennady Zhuzhlev.

VTB for 9 months of 2015 most increased lending to the telecommunications (+34,4%), chemical industry (+16.7%), construction (+10.2 per cent). For the same period of 2014 was in the lead the oil and gas industry, loans which grew more than twice, construction (+31%), industrial production (+27%).

Alpha Bank in the conditions of devaluation of rouble focuses on lending to exporting companies, says Director of the corporate clients of Alfa-Bank Elena Potemkina. “In the portfolio structure increased the share of export-oriented industries: oil (from 6.6% to 10.9%), ferrous and nonferrous metallurgy (from 7.5% to 11,86%), chemicals and petrochemicals (from 3% to 4.8%),” she notes.

The substitution in the credits

Import substitution policy played into the hands of the food industry companies for which the market has become better, and we see rising demand for loans from these companies, says Zhuzhlev.

As of 1 January 2016 (as compared to data of 1 January 2015) in the loan portfolio of medium business of VTB Bank has increased the share of agriculture (from 4.4% to 7.5%) and food industry (from 6.4% to 8.7%).

The share of agriculture and food industry in the portfolio of Alfa-Bank has not changed and is about 7%. “But we analyze the structure of the portfolio in dollar terms, and loans in this segment, correspondent. The ruble-denominated growth of the portfolio amounted to about 40%, which helped to offset the effect of the devaluation of the ruble,” says Potemkin.

Loans to agricultural companies, farmers and manufacturers of water near the absolute Bank has grown more than 5 times, says managing Director of corporate Affairs the absolute Bank Maria Grosheva.

The head of Department on work with corporate clients in the regions of the Bank “Intesa” Valery Korostelev notes the increased funding of enterprises of food industry, agriculture and pharmaceuticals. “For example, last year we increased the credit portfolio of the food industry and agribusiness in the regions by almost 2 times,” he said. The increase is due to the fact that companies are actively developing the vacated niches that were previously occupied by foreign suppliers. For this they needed additional resources, he adds.

Companies from these sectors have increased development potential, and they began to develop actively, taking advantage of favorable market conditions, said the Deputy Chairman of the management Board of ROSBANK Ilya Polyakov, adding that it is important that their business was stable not only due to the current “popular” ideas of import substitution, but in the long term if sanctions will cancel, should not happen that these companies will disappear.

Matovnikov skeptical about the boom in lending in agriculture. “Demand for loans from farmers is really growing, but their financial situation was initially bad and the level of deathnote are high, so banks themselves lend carefully,” he says.

Last year industrial and commercial enterprises increasingly borrowed working capital, says a member of the Board of Raiffeisenbank Oksana Panchenko. Is the production and trade of consumer goods. “The absolute growth of loans to these sectors, cleaned from the currency revaluation, amounted to about 7 billion rubles,” says Panchenko.

Builders and trade out of business

The interviewed banks are saying about the slowdown of crediting of the companies-importers who have been hit hardest by the current economic situation, as well as builders, contractors and developers.

“There are industries that are more prone to the negative effects of the current economic situation is the construction and non-food trade”, – says the press-service VTB to the request. With these companies the Bank works very carefully, as there is an increased risk. The share of wholesale and retail trade portfolio in VTB declined from 36.1% to 32.6%, construction – 5.3% to 4.6%. Noticeable decline in these loans and the savings Bank, whose loans trade grew by 3.2% for the first three quarters of 2015 instead of the expected growth of 17% in the first three quarters of 2014, and construction companies – 2.5% instead of 22.5% in 2014.

“Heaviest fell loans companies in commercial real estate, new deals in 2015 was a singular character,” says Panchenko from Raiffeisenbank. “Against the background of a weakening ruble risks of real estate lending in foreign currency increase in connection with the fixation of a greater volume of leases in rubles,” she adds.

Chairman of the Board of Directors NDV-real Estate Alexander Khrustalev says that banks are really sharply, several times reduced their lending to projects in the field of commercial real estate. “But for residential real estate loans banks give out, here largely helped the program States to subsidize mortgages,” says Khrustalev. Interest rates on loans to construction companies, according to him, approximately 15-16%, they increased during the crisis by 2 percentage points

Importers suffered first of all, dealers, dealers household appliances, clothing, etc., which because of falling demand, falling sales. Elena Potemkina from Alfa-Bank said that if a year ago, the share of loans to importers that sell consumer goods, contributed 11.3% of the portfolio, on not more than 9%.

What business

The interviewed businesses say that the biggest difficulty in obtaining loans do not experience. “Effective companies have no problems with attraction of credits from banks, – says member of the Board of Directors of a fish processing company “Sevryba” Roman Kulik. – We get our loans from Sberbank and pleased with the cooperation: in 2014 we had a rate of 13.8% per annum in 2015 to 14.5%”.

Now, banks are offering the loans, says Kulik. “In August 2015, the savings Bank opened another credit line with interest rate 13.5% per annum, but with big penalties for early repayment, so we decided not to use it”. Experience Kulik banks are willing to lend to companies that have liquid assets for collateral, positive credit history and profit performance.

“Any difficulties with obtaining credit in 2015, – said Dmitry Azarov, CEO and co-owner of the trading company “lush rush” (trade mark Lush Russia). – I think it is because we have a good credit history”. Azarov said that in 2014 the company took out a loan in pounds sterling at 4% per annum at Sberbank. “I had to give at the rate of 30% higher than when they took, – said the businessman. – We get our loans from a seasonal, once a year before the new year sales.” Credit at the end of 2015 “lush rush” took in roubles under 16% annual