The assets of the ICB by the end of 2015 has increased twice — with 584,8 billion to 1.2 trillion rubles, follows from the statements of the Bank according to the IFRS, published on Tuesday, March 29. Most strongly increased deposits in other banks and financial institutions: 40 times, until 277,3 bln, securities portfolio, which increased eight-fold (up to 87.4 billion rubles), and corporate loans (90%, up to 482,4 billion rubles).
ICD has grown much stronger than just the market as a whole. According to the Central Bank, the banking system assets last year increased by 6.9%, and corporate lending — by 12.7%. The largest banks reporting under IFRS, have also shown much more modest growth than the ICD. For example, Sberbank’s assets increased by 8%, VTB Bank — by 11.9%, PSB — 20%.
In passive database ICD most strongly increased deposits of corporate clients — they increased by four times to 697,8 bn Retail deposits grew by 23%, having risen to 200.9 billion rubles “Liabilities of the Bank grew by attracting deposits from large corporate customers of the Bank. These funds were placed in highly liquid securities included into the Lombard list of the Central Bank, loans are superior to borrowers and REPO transactions, collateralized by securities with investment ratings,” said CFO ICD Elena Swede. As reported during the conference call the Bank’s Chairman Vladimir Chubar, the share of the largest contributor accounting for 20% of total portfolio in corporate deposits, the five largest depositors — 50% of corporate deposits.
As the newspaper “Vedomosti”, in September-October on deposits ICD structure “Rosneft” has placed 300 billion rubles “it is Possible that assets of “Rosneft” is money received from oil exports, and advances on deliveries”, — told “Vedomosti” a source familiar with the reporting “Rosneft”.
A source close to the Bank said that the maturity of these deposits is the end of 2016 and beginning of 2017. Rating Agency RAEX warned about the risk of pressure on liquidity when large depositors will withdraw their deposits.
Vedomosti wrote that the ICD and “Rosneft” probably collaborate not only on the part of the deposits. The June ICD IPO on the Moscow stock exchange was 9.3% of the Bank owned by former managers of the company “Rosneft” — “Region portfolio investments” (cuit “Algorithm” — 4,44% of shares of MKB, Rosneft sold UK in 2011) and “Regionfinansresurs” (cuit “Vector of development” — 4,85%, now 100% owned by Natalia Bogdanova). UK “Regionfinansresurs” also owns 2,55% all-Russia regional development Bank Rosneft, the information on the website of the Bank.
More than a third of the growth of the corporate portfolio (73,6 bn) provided loans to companies in the chemical industry and oil products. “The Bank’s ability to make timely decisions and respond to the changing external environment helped to maintain a high growth rate of the corporate loan portfolio. The Bank significantly expanded its cooperation with large public companies,” said the Swede.
Says a banker familiar with the top management of the ICD, the Bank not credit the chemical company, so, most likely, the entire volume of loans to companies from the oil sector. This confirms a source familiar with the loan book ICD. “Mostly traders, they are not formally connected with “Rosneft”, — he said. According to him, associated with Rosneft, the company credited to ICB via REPO transactions.
Moody’s analyst Elena Redko says that part of the increase in loan portfolio is due to currency revaluation. “The Bank of 33.6% of the portfolio is foreign currency loans,” she says.
“The strategy of this aggressive growth can be risky, since the portfolio has not yet passed the test of time, including through the crisis”, — the analyst of Fitch Dmitry Vasiliev. According to him, the delinquency 90+ in the corporate portfolio amounted to about 7%, which is quite a lot. “At the same time, the Bank has a certain margin as profit before reserves is about 5% of the portfolio. In 2015, the Bank worked with a margin less than 4% in 2016 and a possible increase in margin on 1 percentage point due to lower cost of retail funding,” says Vasiliev.