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Fitch Ratings affirms SDM-Bank ratings


International rating agency Fitch Ratings affirmed SDM-Bank’s IDR in both international and national currencies at «В+» with Stable outlook.

The key factors to affirming the IDR, as well as the national long-term ratings and the viability rating were the low level of troubled assets (0.9%) and their 3-fold provisioning coverage, an adequate quality of the majority of large loans, the customer funding that accounted for 90% of liabilities at the end of 2013, decent liquidity position, adequate capital, and high ROAE (17% in 2013), which is consistent with the Bank’s growth plans.

Along with that, conservative management and strategic partnership with EBRD play crucial role in SDM-Bank performance stability. EBRD became the major international institutional shareholder in 2011 through acquisition of 15% stake and introducing its representative on SDM-Bank Board of Directors. In 2013 EBRD has decided to increase its share to 19.8%.

Fitch Ratings first rated SDM-Bank in December 2008 at «B-» IDR with Stable outlook.