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RAEX affirms rating of Gazprombank

On March 30, 2016, RAEX (Expert RA) Rating Agency affirmed the credit rating of Gazprombank at 'A++' ('exceptionally high (superior) creditworthiness'), with a stable outlook, the agency informed.

The key positive rating drivers include the banks strong competitive positions and wide geographic footprint. Other positive rating drivers include high probability of support from the shareholders and the government, low arrears across the aggregate loan portfolio (1.7% as of January 1, 2016), etc.

The rating is constrained by low return ratios and a weaker short-term liquidity position.

Gazprombank (JSC) (GPB, tax number: 7744001497) established in 1990 is among the three largest banks of Russia in terms of financial performance. The bank serves the key industries of the Russian economy (gas, oil, nuclear power, chemistry and petrochemistry, black and non-ferrous metallurgy, electric power, mechanical engineering and metalworking, transport, construction, telecommunications, agriculture, retail. The bank's principal shareholders are JSC Gazprom and NPF Gazfond.

IFRS net loss of Gazprombank (JSC) loss for H1 2015 was RUB 22.9 billion against a profit of RUB 2.6 billion for the same period in 2014. Interest incomes amounted to RUB 180.6 billion increasing by 47.6% year-on-year. Interest expenses went up 86.1% to RUB 139.8 billion.

RAS net loss of Gazprombank for 2016 was RUB 34.365 billion against a profit of RUB 18.283 billion the year before. Loss before tax was RUB 45.933 billion against a pre-tax profit of RUB 15.373 billion in 2014.

As of February 1, 2016, the bank's Russian GAAP assets stood at RUB 5.1 trillion, equity capital was RUB 636.2 billion, loss after tax for 2015 (unadjusted for events after the balance sheet date) amounted to RUB 34.4 billion.

"AK&M", 30.03.2016


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