Standard & Poor's Confirms PSB Credit Rating at «ВВ-»

Standard & Poor's Ratings Services (S&P), international rating agency, has confirmed PromSvyazBank (PSB) credit rating at «BB-» with negative outlook.

S&P analysts note recent support from majority shareholders, totaling RUB 12.1 bn, and a RUB 15.7 bn capital increase in November 2015, as the key factors supporting PSB credit rating confirmation. In addition analysts note “strong market position” of the bank.

Over the past few years, PSB has proved its ability to raise capital in any macroeconomic conditions. In 1H2016, the Bank increased its capital by a total of RUB 12.1 bn, while total capital raised in 2015 was RUB 60 bn. PSB continues to implement its strategy aiming to increase the bank’s capitalization.

«PSB rating confirmation reflects improved financial results of the Bank in 1H 2016. As a systemically important financial institution (SIFI) PSB fully complies with advanced regulatory requirements of the Central Bank in terms of capital adequacy and liquidity which gives addition assurance factor for the Bank. PSB business growth over the last few years reflects the bank’s strategy realization. Monthly PSB attracts thousands of new clients to its SME and Retail business which positively underpins risk-free commission income growth» - PSB Deputy Chairman of the Management Board and CFO Vladimir Mamakin commented.

 

Other news
News list
04/22/2017
RAEX Rating Agency (Expert RA) has kept unchanged its ‘А++’ credit rating on PromSvyazCapital’s Series 01 Bond (Registered No. 4-01-44790-H)
03/21/2017
The bank earned Rub 2.1 billion of net profit for 2016 compared to a net loss of Rub 3.8 billion for 2015 due to positive dynamics of all components of the income, moderate provisioning and a decrease in operating expenses
03/17/2017
Promsvyazbank (PSB) publishes Q4 2016 and 2016 consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), audited by PricewaterhouseCoopers
11/28/2016
Promsvyazbank (hereafter “PSB” or “the Bank”) and PromSvyazCapital today announce that on November 25, 2016 PromSvyazCapital has successfully completed the placement of its BO-P01 series exchange bonds (the “Bonds”) on the Moscow Exchange for a total amount of RUB 10 bn under a registration number of 4В02-01-44790-Н-001Р from November 22, 2016.
11/08/2016
For the first half 2016 and an audit report prepared by PriceWaterhouseCoopers.
10/20/2016

According to the preliminary reporting (published form) under the Russian Accounting Standards (RAS), PSB net profit for 9M 2016 amounted to RUB 2.0 bn. Income from core banking operations (interest income and fee and commission income) increased by 21% to RUB 36.9 bn.

09/29/2016

Promsvyazbank has appointed a new Board of Directors at the Extraordinary General Meeting of shareholders. Lindsay Forbes, representing the interests of the European Bank for Reconstruction and Development, was appointed to the Board.

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