Аннотация

За 9 месяцев 2007 украинские банки продолжили увеличивать свои балансовые статьи. Банки показали 77% роста активов в годовом исчислении:

- из них кредиты увеличились на 78% в годовом исчислении,

- депозиты увеличились на 58% за тот же период.

 Розничные кредиты, показавшие трехзначный рост, остаются главным двигателем прироста активов. Рост капитала банков достиг своего пика за последние три года, 75% в годовом исчислении.

Рост не пришел просто так, банки  были  вынуждены заплатить сокращением процентной маржи. Отечественные банки снизили процентные ставки, одновременно раздули свои бюджеты для расширения. Чистая маржа украинских банков упала за 9 месяцев 2007 по сравнению с 18% за 9 месяцев 2006.

За за 9 месяцев 2007, средние процентные ставки украинских банков снизились на 0.4 пп, чистая маржа уменьшилась, впервые после трех лет устойчивости на уровне 6%.

Рост операционных издержек увеличился за 9 месяцев 2007, уменьшая улучшение эффективности. Отношение затрат к доходу улучшилось за этот период лишь на 0.8 пп против 7.4 пп снижения год назад. 

Англоязычная версия отчета 

In 9M07 Ukrainian banks continued to step up their balance sheet expansion. The banks posted xx% yoy growth in assets to USD xx bln, against xx% yoy last year. Loans increased by xx% yoy (+xx% in 9M06) to USD xx bln and deposits rose by xx% yoy (+xx%) to reach USD xx bln. Retail loans, with its triple-digit growth of xx% yoy, remained the main asset growth engine. Equity growth hit a three-year historical peak, xx% yoy, to USD xx bln.

The growth did not come free, banks' margins were squeezed. Local banks decreased interest rates and inflated their budgets for expansion. Net margin of Ukrainian banks fell to xx% in 9M07 vs. xx% in 9M06.

Over 9M07, the average interest rate of Ukrainian banks slid by another 0.4 pp to xx% and the sector's net interest margin narrowed to xx%, after staying at ~xx% over the past three years.

Operating cost growth accelerated in 9M07 to xx% yoy vs. xx% yoy a year ago, slowing progress in efficiency. Cost/Income improved over the period by a minor 0.8 pp to xx% vs. a 7.4 pp decline in 9M06.

Содержание отчёта

• 1. Summary
  2. Relative valuation
  3. Interim results
  4. Bank profiles

  4.1 Factorial Bank
  BUSINESS OVERVIEW
  INVESTMENT CASE
  MARKET INFORMATION
  STOCK OWNERSHIP
  CORPORATE GOVERNANCE
  MARKET MULTIPLES
  KEY RATIOS
  ROE
  BALANCE SHEET
  INCOME STATEMENT
  MARGINS&RATIOS
  GROWTH RATES

  4.2 Bank Forum
  BUSINESS OVERVIEW
  INVESTMENT CASE
  MARKET INFORMATION
  STOCK OWNERSHIP
  CORPORATE GOVERNANCE
  MARKET MULTIPLES
  KEY RATIOS
  ROE
  BALANCE SHEET
  INCOME STATEMENT
  MARGINS&RATIOS
  GROWTH RATES

  4.3 Khreschatyk Bank
  BUSINESS OVERVIEW
  INVESTMENT CASE
  MARKET INFORMATION
  STOCK OWNERSHIP
  CORPORATE GOVERNANCE
  MARKET MULTIPLES
  KEY RATIOS
  ROE
  BALANCE SHEET
  INCOME STATEMENT
  MARGINS&RATIOS
  GROWTH RATES

  4.4 Megabank
  BUSINESS OVERVIEW
  INVESTMENT CASE
  MARKET INFORMATION
  STOCK OWNERSHIP
  CORPORATE GOVERNANCE
  MARKET MULTIPLES
  KEY RATIOS
  ROE
  BALANCE SHEET
  INCOME STATEMENT
  MARGINS&RATIOS
  GROWTH RATES

  4.5 Nadra Bank
  BUSINESS OVERVIEW
  INVESTMENT CASE
  MARKET INFORMATION
  STOCK OWNERSHIP
  CORPORATE GOVERNANCE
  MARKET MULTIPLES
  KEY RATIOS
  ROE
  BALANCE SHEET
  INCOME STATEMENT
  MARGINS&RATIOS
  GROWTH RATES

  4.6 Raiffeisen Bank Aval
  BUSINESS OVERVIEW
  INVESTMENT CASE
  MARKET INFORMATION
  STOCK OWNERSHIP
  CORPORATE GOVERNANCE
  MARKET MULTIPLES
  KEY RATIOS
  ROE
  BALANCE SHEET
  INCOME STATEMENT
  MARGINS&RATIOS
  GROWTH RATES

  4.7 Rodovid Bank
  BUSINESS OVERVIEW
  INVESTMENT CASE
  MARKET INFORMATION
  STOCK OWNERSHIP
  CORPORATE GOVERNANCE
  MARKET MULTIPLES
  KEY RATIOS
  ROE
  BALANCE SHEET
  INCOME STATEMENT
  MARGINS&RATIOS
  GROWTH RATES

  4.8 Ukrgazbank
  BUSINESS OVERVIEW
  INVESTMENT CASE
  MARKET INFORMATION
  STOCK OWNERSHIP
  CORPORATE GOVERNANCE
  MARKET MULTIPLES
  KEY RATIOS
  ROE
  BALANCE SHEET
  INCOME STATEMENT
  MARGINS&RATIOS
  GROWTH RATES

  4.9 Ukrinbank
  BUSINESS OVERVIEW
  INVESTMENT CASE
  MARKET INFORMATION
  STOCK OWNERSHIP
  CORPORATE GOVERNANCE
  MARKET MULTIPLES
  KEY RATIOS
  ROE
  BALANCE SHEET
  INCOME STATEMENT
  MARGINS&RATIOS
  GROWTH RATES

  4.10 Ukrsotsbank
  BUSINESS OVERVIEW
  INVESTMENT CASE
  MARKET INFORMATION
  STOCK OWNERSHIP
  CORPORATE GOVERNANCE
  MARKET MULTIPLES
  KEY RATIOS
  ROE
  BALANCE SHEET
  INCOME STATEMENT
  MARGINS&RATIOS
  GROWTH RATES

• 5. Appendices
  Financials for Ukraine's top-60 banks