29 September
Among the key positive factors conducive to the rating affirmed on IFC, Expert RA stated a large share of quality category 1 and 2 loans in the loan portfolio (94,1% as at 01.07.10.) and a sound security level of gross loan portfolio (as at 01.07.10, the cost of pledges, sureties, guarantees and securities covered totaled 313,7% of the loan portfolio). “Around 65% of the gross security ranked quality category 1 and 2, which is to say it could be accounted for calculation of reserves required to cover potential losses” — says Christina Kiryanova, chief expert of the financial institute ratings department at "Expert RA. In terms of other positive factors, the analysts also observed improvement in overdue debt for major crediting venues (0,3% of the portfolio size as at 01.07.10.), high indicators for instant and current liquidity (Í2=41,3%, Í3=141,9% as at 01.07.10.), and a strong financial leverage through long-term asset and liability balance. In addition to that, the Agency experts believe there is a good chance of owner support the Bank can rely on (A.G. Abramov, V.F. Vekselberg, Y.S. Ignatova, S.A. Kerimov and M.D. Prokhorov).
The main negative factor proved to be a high level of credit risk concentration among major borrowers (major credit risks on assets less reserves as at 01.07.10. — 52,1%). At the same time, the high currency risk taken by the Bank (maximum OCP in single currency and aggregate OCP for all currencies totaled 9,5% of capital as at 01.07.10., with the balancing ruble position representing 3,26% of the capital) puts a strong pressure on the Bank’s credit quality.
OJSC JSCB “INTERNATIONAL FINANCIAL CLUB” (based in Moscow, registration number 2618) specializes in crediting and general banking services rendered to noncredit organizations, private banking services provided to affluent clients and operations with securities. As at 01.07.10, the Bank’s assets under Russian Statutory Accounting Standards totaled 19,4 bln. RUR (ranking 123rd place in the Expert RA rating), equity being 4,2 bln. RUR.