Credit Bank of Moscow gets top accolade for asset quality control

By Andrei Skvarsky.

Credit Bank of Moscow (CBM), one of Russia’s leading universal privately owned lenders, has won the top award for asset quality control in a competition arranged by Russian rating agency Expert RA and based on a survey of more than 700 companies and banks.

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CBM, which received the accolade at the 10th Risk Management in Russia conference, an event in Moscow on February 12, won Expert RA prizes for the pace and quality of its asset growth in 2011 and 2012, the bank said in a statement.

CBM, which focuses on services for corporate clients and individuals in Moscow and its region, has stably maintained one of the lowest non-performing loans in Russia. As of September 30, 2013, non-performing loans made up 1.2% of CBM’s gross loans.

As of that date, the firm was one of the top five privately owned Russian banks by assets on Interfax 100, a ranking list of Russia’s 100 biggest banks. By then it had assets of 400.8bn rubles ($11.2bn at today’s exchange rate) and equity of 47.4 bn rubles ($1.3bn). Its Tier 1 capital ratio was 12.1% and its total capital ratio 18.0%.

CBM recorded a net profit of 5.63bn rubles ($157.4m) for the first nine months of 2013, generating a return on equity of 17.3%.

The bank issued its debut Eurobond in 2006.

CBM is rated BB- with a Stable outlook by Standard & Poor’s, B1 with a Stable outlook by Moody’s, and BB with a Stable outlook by Fitch.

Founded in 1992, Russian businessman Roman Avdeev, who bought out CBM in 1994, owns an 85% stake in it. The rest of the capital belongs to the European Bank for Reconstruction and Development, International Finance Corporation (IFC) and RBOF Holding Company I, part of the IFC group.

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