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Expert RA Rating Agency rates SDM-Bank A+


RAEX Rating Agency (Expert RA) rated SDM-Bank А+ «very high level of creditworthiness», sublevel one. The rating was assigned «positive» outlook, which grants that the rating may be upgraded in the middle term.

The rating action was driven by a strong profitability (the July 2014 – June 2015 Return on Equity totaled 19.2%), well-balanced middle term assets and liabilities (as of July 1st, 2015 quick ratio (Н2) = 39,8%; current ratio (Н3) = 97,0%), a decent highly liquid assets share in total assets  (14,8% as of July 1st, 2015) and an access to extra liquidity buffer (as of July 1st, 2015 the unencumbered liquid securities portfolio amounted to over 30% of total assets), as well as low NPL ratio (1,6% of total loan portfolio as of July 1st, 2015). In addition, the rating is supported by a very strong collateral coverage (as of July 1st, 2015 total loan portfolio collateralization was as high as 1038,7% (including securities, sureties, and guarantees. Without these components – 217,9%)), substantial customer base and a strong competitive position on the Moscow banking market. «The Agency is positive about the upcoming share capital increase through additional equity funding, which triggered the «positive» outlook», – RAEX Banking Ratings Director Stanislav Volkov said.

The rating is constrained with an underbalanced assets and liabilities in the long (1+ years) term (as of July 1st, 2015 the long-term liquidity ratio (Н4) = 100,6%), a nonoptimal resource base term structure (44,7% of customer accounts are demand or one day deposits), and customer accounts heightened volatility during certain months of 2015.

SDM-Bank is focused on providing financial services to corporate and individual customers, and on securities operations. The Bank is headquartered in Moscow, and has 9 branches in Saint-Petersburg, Voronezh, Perm, Tver, Krasnoyarsk, Nizhny Novgorod, Omsk, Rostov-on-Don, and Yekaterinburg. The Bank also has a representative office in London. As of July 1st, 2015 the Bank’s RAS assets totaled RUB 39 bln (TOP 119 (RAEX)), the Bank’s capital amounted to RUB 5,1 bln., and the 1H15 net profit – RUB 722,6 mln.