Fitch повысило индивидуальный рейтинг Халык банка до "D" с "D/E"

/REUTERS, Лондон, 13.09.04/ - Международное рейтинговое агентство Fitch Ratings повысило индивидуальный рейтинг казахстанского Халык банка до "D" с "D/E", подтвердив долгосрочный рейтинг на уровне "ВВ-", краткосрочный "В" и рейтинг поддержки "3", говорится в сообщении агентства. Прогноз изменения долгосрочного рейтинга - положительный. "Повышение индивидуального рейтинга отражает рост прибыльности, прогресс в области реструктуризации бизнеса и расширение присутствия банка", - говорится в сообщении Fitch. "В то же время, рейтинг сдерживается неадекватными резервами под потери по ссудам и высокой концентрацией кредитного портфеля". Ниже приводиться оригинальный текст сообщения Fitch Ratins на английском языке. FITCH UPGRADES KAZAKHSTAN'S HALYK BANK TO INDIVIDUAL "D" Fitch Ratings-London-13 September 2004: Fitch Ratings, the international rating agency, has today upgraded Kazakhstan-based Halyk Bank's ("Halyk") Individual rating to "D" from "D/E". The other ratings have been affirmed at Long-term "BB-" (BB minus), Short-term "B" and Support "3". The Outlook for the Long-term rating is Positive. The upgrade of the Individual rating reflects the improvement in profitability, the progress made in restructuring the bank's business and the growing franchise. However, the rating is held back by the inadequate loan loss reserves and high concentration in the loan book. Capitalisation has improved, but is still not strong. It remains to be seen whether recent profitability can be sustained, which is essential to further strengthen the bank's capital base. Halyk's Long- and Short-term and Support ratings reflect the importance of the bank to the Kazakhstani banking sector and, consequently, the potential for support from the Kazakhstani authorities if necessary. Profitability improved significantly in 2003 to a respectable level, on the back of higher margins, partly due to greater retail and KZT-denominated lending, and strong growth in fee income. The cost/income ratio, which had been an issue with Halyk, fell despite a significant increase in staff costs. The results from the branch network rationalisation should help the cost/income ratio. Margins will be negatively affected by growing competition, but this should be partly balanced by further growth in retail and SME lending where higher margins can be earned. Successful credit risk management is also key to maintaining a good level of profitability. In addition, the impact of new senior management on the development of business remains to be seen. Halyk's capitalisation improved in 2003 and H104 on the back of solid internal capital generation, but is still not strong. Around KZT5bn of subordinated debt was issued in H104. Capital injections totalling KZT6.8bn and a further subordinated debt issue of KZT5bn are planned for later in 2004. The loan book has grown fairly rapidly, in particular to individuals and SMEs in the wholesale trade sector. The growth raises potential credit risk concerns, but the corporate borrowers are from sectors to which the bank traditionally lends. Retail lending rose to 20% of the portfolio at end-H104 and has, in its short history, been of good quality, but has not been tested under more trying economic conditions. Despite the increase in lending to individuals and SMEs, concentration remains significant. The loan loss reserve (LLR)/gross loan ratio rose very slightly to 6.0% at end- 2003, reflecting a slight worsening in asset quality. LLR is, in Fitch's opinion, on the low side, although LLR coverage of doubtful and loss loans was reasonable at end-2003 despite having fallen in 2003, and the bank's loan loss history has been good. Funding is sourced mainly from retail and corporate customers. Halyk's retail funding base is strong, reducing concentration. However, customer funding remains short-term and the "stickiness" of retail funding has also not yet been tested in a stress scenario under non-state ownership. Potential issues of securitised debt and a eurobond later in 2004 would improve the tenor of the funding base. 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 one politically well- connected individual. [2004-09-13]