Fitch подтвердило рейтинги Халык-банка (Казахстан)

/REUTERS, Лондон, 30.01.04/ - Международное рейтинговое агентство Fitch Ratings подтвердило рейтинги Халык-банка (Казахстан) на следующих уровнях: долгосрочный "ВВ-", краткосрочный "В", индивидуальный "D/E", поддержки - "3". Прогноз изменения долгосрочного рейтинга - позитивный. В сообщении Fitch говорится, что долгосрочный и краткосрочный рейтинги, а также прогноз изменения долгосрочного рейтинга отражают его значимость для банковского сектора Казахстана и, как следствие, возможность поддержки со стороны властей страны в случае необходимости. Тем не менее, несмотря на рост прибыльности банка в первой половине 2003 года, его рейтинги сдерживаются низким (но увеличившимся) уровнем капитала, неадекватными резервами на потери по кредитам и высокий уровень концентрации в кредитном портфеле. Ниже приводиться оригинальный текст сообщения Fitch на английском языке. FITCH AFFIRMS RATINGS OF KAZAKHSTAN'S HALYK BANK Fitch Ratings-London-30 January 2004: Fitch Ratings, the international rating agency, has today affirmed the ratings of Halyk Bank of Kazakhstan (Halyk), which are as follows: Long-term 'BB-' (BB minus), Short-term 'B', Individual D/E' and Support '3'. The Outlook for the Long-term rating is Positive. Halyk's Long- and Short-term ratings, and the Outlook on the Long-term rating, reflect the importance of the bank to the Kazakhstani banking sector and, consequently, the potential for support from the Kazakhstani authorities if necessary. However, despite the bank's good domestic franchise and increased profitability in 1H03, the ratings are held back by the low (but improved) level of capital, inadequate loan loss reserves and the high level of concentration in the loan portfolio. Capitalisation was helped by ordinary and preferred share issues in 2002 and stronger internal capital generation in 1H03. However, Halyk's need to keep growing its balance sheet means that capitalisation is likely to remain on the low side, at least in the short-term. In addition, the quality of capital is weakened by high level of fixed assets associated with the bank's large branch network. Profitability in 2002 remained low despite benefiting from a credit to the P&L of KZT3.7 billion relating to Soviet-era dormant customer accounts, although the bank informs us that this was partly used to boost end-2002 loan loss reserves. Performance improved significantly in 1H03 on the back of higher margins, partly due to greater retail lending. Costs remain an issue. Plans to rationalise the branch network are currently being put in place, but the results may not necessarily be seen in the near future. The loan book has grown substantially. This raises potential credit risk concerns, but the borrowers are from sectors to which the bank traditionally lends. Retail lending rose strongly and has, in its short history, been of good quality. However, Fitch considers the loan loss reserve cover of the loan book to be on the low side. Halyk's retail funding base is strong and is still growing, but its market share (c.27%) has fallen in recent years, although the rate of decline slowed in 2002 and 1H03. Halyk is the third largest bank in Kazakhstan by assets and, in keeping with its roots as the former state savings bank, has the largest branch network in the country. The bank is now ultimately majority owned by a small number of politically well-connected individuals from two Kazakhstani business groups. Contact: Alexander Giles; London, +44 20 7417 6330; Philip Smith; London, +44 (0) 20 7417 4340 Note to Editors: Fitch's Support and Individual Ratings for Banks Fitch's Individual ratings assess how a bank would be viewed if it were entirely independent and could not rely on external support. Its Support ratings deal with the question of whether a bank would receive support from its owners or from the state if it were to get into difficulty. These ratings are not debt ratings but rather, respectively, an assessment of the intrinsic strength of a bank and of any level of outside support that may, or may not, be available to it. Media Relations: Campbell McIlroy +44 20 7417 4327, London [2004-01-30]