The RusRating agency has raised the credit rating of SDM-BANK.
15.10.2007The RusRating agency has raised the credit rating of SDM-BANK from B+ to BB- with stable outlook. Mikhail Ugodin, the analyst of the RusRating agency, notices that upgrade of the rating is determined by the improvement of the liabilities structure due to reduced dependence on the key clients and inflow of long-term resources from non-resident investors as well as good quality of assets and increasing profitability.
The rating is proved by the solid client base, good assets quality and high profitability.
Constraining factors include low long-term market funding and increasing portfolio of loans to large borrowers.
“Increasing of the Bank credit rating is the result of its stable profitability during last years as well as our considered credit policy,” Chief Executive Officer of SDM-BANK Maxim Solntsev says.
As mentioned in the report, SDM-BANK is mainly focused on servicing small and medium-sized enterprises (SME). The retail business is also developing. The Bank has the wide client base, including plastic card holders. The greater part of the regional Bank network is concentrated in the Moscow region. Regional branches in other towns are mainly aimed at SME crediting.
As of 1 July, 2007 assets of the bank are 13.7 billion rubles, equity is 1,17 billion rubles. Profit for the first two quarters of 2007 is 273.3 million rubles. The number of the cards issued by the bank increased to 100 thousand.