Photo: Oleg Yakovlev/RBC
Fitch may downgrade the rating of the Bank “Peresvet” in case of deterioration of a situation with liquidity. Analysts say that the Bank is trying to reduce the outflow of funds of individuals, increasing the return on deposits
International rating Agency Fitch put the ratings of the Bank “Peresvet”, including long-term Issuer default rating (IDR), on CreditWatch with negative implications. Now the Bank has a rating at the level B+.
The rating actions are connected with increasing pressure on the liquidity of the Bank in connection with the outflow of deposits and the repayment of interbank loans, the press release from the Agency. How to remind analysts of Fitch, the Bank imposed a daily limit on withdrawals from deposits of individuals (100 thousand rubles, or $1.5 million).
However, this is not the only measure, which the Bank is trying to reduce the outflow of funds. According to information on the Bank’s website, 7 October, the credit institution has introduced a new seasonal Deposit — “Pokrovsky”. Place the funds clients were invited under 9,15–9,65% per annum. However, in mid-October rate had been increased by 0,55–0,95 p. p. per annum, to 10.1 to 10.2% per annum.
“We will see how the Bank will cope with the outflow of liquidity”, — commented on the rating action senior Director on Bank ratings Agency Fitch Raitings Alexander Danilov. According to the Agency, at the end of the third quarter of 2016, the liquidity cushion of the Bank was about RUB 11 billion (this is net of RUB 7 billion of short-term Bank borrowings, which are most sensitive to the negative background).
“Judging by the growth of profitability of bonds, market participants are very carefully watching the situation in it, and, most likely, the interbank lending market for “Peresvet” will be closed”, — said Danilov.
According to the company in the first nine months, the Bank has a significant level of actual short-term resources: the volume of retail accounts and deposits amounted to 22 billion rubles, and another 18 billion rubles accounted for in current accounts of corporate clients.
The Agency noted that the ratings “Peresvet” will be lowered, if the situation in the Bank is not improved. “IDR could be downgraded to “restricted default” if the Bank will strengthen or extend the effect of the limits on cash withdrawals for its customers”, — stated in the message Agency.
“Current events increases the risks of a downgrade of the Bank. However, if he can handle the outflow of liquidity and the situation stabiliziruemost, the rating could be confirmed at the same level”, — says the analyst.
Fitch also notes the uncertainty of the situation in the Bank in connection with the change of its head. As previously wrote RBC, 14 Oct Peresvet announced the departure of Chairman of the Board of the Bank and appointment temporarily fulfilling duties of the Chairman of the Board. According to analysts, this created some uncertainty about the future management of the Bank and its strategy, given the key role played by the previous Chairman of the Board, as well as lack of clarity about the circumstances of his resignation.
Earlier, another rating Agency RAEX, said Wednesday that established the status of “under supervision” in the credit rating of the Bank “Peresvet”. “Establishing the status of “under observation” rating due to the negative background information in relation to the Bank, which may provoke early withdrawal of funds by creditors,” — said in RAEX.
At the same time managing Director on Bank ratings RAEX (Expert RA) Stanislav Volkov told RBC that because of the Bank’s influential shareholders, its ability to improve the situation is broader than credit institutions, which have faced similar problems.
On Tuesday, October 18, it became known that “Peresvet” has restricted the issuance of deposits of physical persons amounts to 100 thousand rubles or $1.5 million As explained by the call centre staff due to the hype they may not suit all applications. On Wednesday the restrictions were still in effect.
The representative of the press service of the Bank “Peresvet” said binds the increased demand with the emergence of reports in the media about the disappearance of the Chairman of the Board of Bank Alexander Shvets. The Bank after the occurrence of such messages has released an official statement clarifying that Sweden is in Moscow, but is undergoing treatment and therefore temporarily unable to perform the functions of Chairman of the Board.
Bank “Peresvet” specializiruetsya on lending to large corporate clients and small and medium-sized businesses. The Bank’s assets grew by 1 October 2016 up to 198 billion rubles 43rd place in the ranking of assets, according to the RAEX (Expert RA), own funds — 30.3 billion rubles, the profit after tax for the first nine months of 2016 is 3.1 billion rubles. the Bank’s Main shareholder — the Russian Orthodox Church, which owns more than 49% of the shares of the Bank, 24% owned by chamber of Commerce (CCI).