Gazprombank recorded in July, a significant outflow of funds from corporate accounts, shows the reporting credit institution, the company. According to her, the volume of funds on Bank accounts decreased over a month by 240 billion (-8%) in nominal terms. Adjusted for the exchange rate, the outflow reached a record system 301 bn (-10%), according to rating Agency Fitch. A sharp decline in the volume of funds on corporate accounts in July stands out even against the background of the total outflow from Gazprombank for 7 months of this year. The total outflow of funds of corporate clients of Gazprombank since the beginning of the year amounted to 489 billion. Accordingly, in July the company removed half of this volume.
About half of the outflow was accounted for by foreign currency deposits of $2.3 billion, or 142 billion rubles., estimated by the analyst of Raiffeisenbank Denis Poryvai.
The outflow of corporate funds in the amount of 240 billion rubles noticeable to Gazprombank, says the Director for Bank ratings Agency RAEX (Expert RA) Stanislav Volkov. Agrees with him and the analyst of ROSBANK Eugene Koshelev, who believes that the outflow of deposits exceeding 200 billion or 10% from passive assets from the accounts of corporate customers in one month even the big banks can create liquidity risks on the horizon 2-3 months. Especially requires more control on the disposal of foreign currency liabilities, he said.
Meanwhile Gazprombank in July took CB 166 billion rubles , “most likely to compensate for the large outflow of funds from corporate accounts,” reads the overview of the Russian banks in seven months, prepared by Fitch. This borrowing took place against the background of reduction of debt by other credit institutions. Thus, the Bank “Opening” back in July, the Central Bank at 103 billion rubles, of which 48 billion was in foreign currency, noted in Fitch. In General, gospodarowanie sector increased during this summer month at 50 billion rubles (1.1 percent) in nominal terms and by 14 billion rubles taking into account currency revaluation.
Possible causes
The outflow of corporate funds was in July, not only in Gazprombank, while the state Bank was the undisputed leader. So, Sberbank corporate funds-adjusted rate decreased over the month to 240 billion rubles (-3,4%), the RAB 99 billion rubles (-8,2%), credit Bank of Moscow for 89 billion rubles (-8,1%). In a review by Fitch suggest that this outflow is probably in the banking sector was due to a seasonal peak in payments of dividends by Russian companies. So, “Rosneft” has paid 124 billion rubles in July, and “Gazprom” have declared the payment of 187 billion rubles in June. Also, the cause may be, and tax payments, the review says.
Large outflow in July, Gazprombank may be related to the fact that the dividends of state-owned companies this year were higher because of the budget deficit, says Stanislav Volkov of RAEX. According to estimates analyst PSB Dmitry Monastyrshina, the amount of dividend payments in July amounted to about 536 billion rubles, including 150 billion rubles – payments to non-residents that are insignificant to the system. However, he argues that the banks were initially willing to dividend paying companies, timetable was known, and they are stocked with liquidity. In addition, the funds paid in dividends to local shareholders, are not gone, and needs to be reflected in the increase in account balances of holders of shares, Monastyrshin speaks.
Is that one of the reasons of outflow of the Gazprombank can be dividend payments, agrees analyst at Fitch Alexander Danilov. However, he notes that “sees the flow of funds to other banks, so it is likely related to payments in favor of the budget or external partners (e.g. payment of dividends). Also experts do not exclude that the cause of the outflow may be buying Gazprom (shareholder of Gazprombank) 3.59% of the shares of the gas monopoly at the Bank. As the analyst of ROSBANK Eugene Koshelev, in favor of this version indicates the outflow of foreign currency deposits. “The settlement with the VEB could be made in the currency for two reasons – the state Corporation had a problem with the payment of foreign currency liabilities, as well as the fact that in the period ruble liquidity was more expensive,” said Koshelev.
Deputy Chairman of Gazprom Andrei Kruglov estimated redeemable value of a package “Gazprom” in the course of the year 130 billion rubles. The final amount of the transaction VEB and Gazprom did not disclose.
The representative of “Gazprom” said that shares were purchased by the parent company on equity (without debt financing), then they were transferred to a daughter “Gazprom gazoraspredelenie”. The transaction completed the day of the announcement on 17 July. “The specifics of Gazprombank, Gazprom – its largest client, and he lays down, then withdraws funds from the accounts in Gazprombank,” said Denis Poryvai. “Because of this, the Bank needs to maintain a large volume of liquid assets. In the end, for withdrawal of funds a Bank has to apply for precious assets of the Central Bank, which ultimately eats up the interest margin of the Bank”, – says Poryvai.
The outflow of funds of corporate clients at Gazprombank in July was offset by the excess liquidity in the market, which was observed primarily in large state-owned banks, noted in ROSBANK. Because this outflow is not critical for Gazprombank agrees and Fitch analyst Alexander Danilov. “As to the means employed at the Central Bank, Gazprombank, most likely, they soon will extinguish, due to the influx of liquidity into the banking system,” concluded Daniel.
Gazprombank and Vnesheconombank declined to comment.
With the participation of Timothy Dzyadko
