Bcs credit rating. Ratings and awards

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the date credit opinion 28.01.2018
Validity of recommendations - 1 year

1. Full name of the issuer

Joint Stock Company "BCS Bank"

• The bank's own rating in a stable situation - A
• The stress rating of the bank (excluding the support of the main shareholder) is B.
• The expected level of support is low.

Based on the results of the conducted risk assessment, we recommend to carry out placement operations Money in the financial instruments of the Bank within the limits of the sum insured by SC "DIA" - 1.4 million rubles.

3. SWOT analysis

Key positive points:

• BCS Bank JSC is a medium-sized Russian bank (88th in terms of assets and 105th in terms of equity as of December 1, 2018). The Bank is part of the BCS financial group, which is one of the leaders in the Russian investment market and the leading operator of the Russian stock market in terms of trading volume.
• It has a network of branches: 1 branch, 1 operational office, 53 credit and cash office, 39 representative offices.
• Very good margin in terms of capital adequacy ratios (H1.0 = 28.295%, H1.1 = 13.845% as of December 1, 2018, with thresholds of 8% and 4.5%, respectively).
• Good quality and liquidity of a significant part of the assets (over 50% as of December 1, 2018 accounted for by funds in the NCC, the Bank of Russia and interbank loans and NOSTRO accounts).
• Balanced funding structure (deposits of individuals account for 45.01% of the funds raised under RAS as of December 1, 2018, funds of legal entities - 40%).

Key negative points:

• The likelihood of receiving support from shareholders is assessed as low.
• The bank is mainly used as settlement bank companies of the group engaged in investment business on the OSM, which leads to a weak position of the bank in the classical banking business.

4. Ownership structure

100% - Mikhasenko Oleg Vladimirovich (through BCS Company LLC).

4.1. Primary ultimate beneficiary

100% owned by Mikhasenko O.V.

4.2. Likelihood of shareholder support in the event of a crisis

The likelihood of the Bank's support from major shareholders is assessed as low.

5. Analysis of the main financial indicators

Reporting of the Bank as of December 01, 2018 (billion rubles, changes for 11 months) in accordance with RAS (data and interpretations in accordance with IFRS for 9 months of 2018 are also used).

Capital - 6.524 billion rubles. (+0.285 billion rubles)by 123form.

Assets - 60.888 billion rubles. (+6.462 billion rubles), including:

10.016 billion rubles (+4.172 billion rubles.) - cash desk and correspondent accounts.

30.232 billion rubles(6.510 billion rubles)- interbank loans.

14.071 billion rubles (-4.119 billion rubles)- investments in securities.

3.184 billion rubles loanslegalindividuals (-0.698 billion rubles), including balance sheet overdue debt - 0.204 billion rubles. (6.41%).

As of June 30, 2018, the Bank has two borrowers with a total amount of loans issued in excess of RUB 0.432 billion. (large credit risk exceeding 10% of capital). The total amount of such loans is RUB 1.191,070 billion. or 33.3% of the total volume of loans issued.

0.293 billion rubles loansphysicalindividuals (+0.077 billion rubles), including balance sheet overdue debt - 0.030 billion rubles. (10.4%).

0.200 billion rubles(+0.037 billion rubles) - property (fixed assets, capital investments, etc.).

Liabilities:

21.905 billion rubles (-5.755 billion rubles.) - means of legal. persons.

24.638 billion rubles (+6.806 billion rubles.) - contributions of individuals. persons.

7.748 billion rubles (+5.987 billion rubles)- Funds of credit institutions and the Central Bank.

0.836 billion rubles (-0.286 billion rubles) - formed reserves.

Profit / loss (according to RAS):

Profit for 11 months of 2018 amounted to 0.232 billion rubles. For 2017 - net profit amounted to 0.403 billion rubles. (For 2016 - net profit of 0.357 billion rubles, for 2015 - net profit of 0.322 billion rubles).

Annex 1. Dynamics of the values ​​of the main mandatory ratios (liquidity and capital).

Annex 1. Dynamics of the values ​​of the main mandatory ratios (liquidity and capital)

Dynamics of capital adequacy and capital ratios

Dynamics of liquidity ratios

Annex 2. Dynamics of the composition of assets, including the structure of the loan portfolio.

Composition of assets

Loan portfolio

Appendix 3. Loan portfolio quality (RAS and IFRS).

The quality of the RAS loan portfolio (overdue debt and reserves, %).

Loan portfolio quality under IFRS as of June 30, 2018

Annex 4. Dynamics of the composition of liabilities (including borrowed funds) and profitability indicators.

Composition of liabilities

Involved funds

Annex 5. Main indicators according to RAS, thousand rubles

Subsidiaries and related companies

Does not participate in the authorized capital of other companies

Annex 7. Sectoral structure of the loan portfolio and concentration of customer funds under IFRS

Sectoral structure of the Group's loan portfolio under IFRS (as of June 30, 2018)

Customer accounts (by type) in IFRS liabilities (as of June 30, 2018)

Appendix 8Dynamics of financial results and assets of the Bank since 2008.

Dynamics of financial results (million rubles)

Dynamics of assets (million rubles) and their growth rates (year-on-year, %).

Appendix 9. Scheme of relationships between the bank and persons under whose control or significant influence the bank is

Rating moneyzzz(together with @riskovik) :

• A - No restrictions - High level reliability
• B - Limitations within the DIA - Medium level of reliability
• C - Do not place - Low level of reliability

The bank was founded in 1989 on a share basis under the name "Iskitim Commercial Bank" in the city of Iskitim (Novosibirsk Region). In 1991 he received a new name - " Commercial Bank"Ros". In 2006, CB Ros was acquired by one of the country's largest brokers in terms of turnover, BrokerCreditService* (BCS), the credit institution was renamed BCS Bank and corporatized. Experts called one of the purposes of the purchase the issuance of margin loans secured by securities through a bank, bypassing the regulation of the Federal Financial Markets Service. However, the owners of BCS set a different goal - to create a universal banking institution and form a full line of banking services, including retail ones: consumer and car loans, issuance of credit cards. In February 2005, the bank entered the deposit insurance system. In November 2007, the credit institution was renamed again - into "BCS - Investment Bank". Since November 2018, the bank has been operating again under the name of BCS Bank JSC. Recently, the bank, in addition to its main direction - investment services, operations in the currency and securities markets, has also begun to develop retail lending.

At the moment, the bank is 100% controlled by BCS Company LLC (the ultimate beneficiary is Oleg Mikhasenko).

In December 2018, the head office of the bank was transferred from Novosibirsk to Moscow. The network of divisions also includes a branch in Moscow and 53 credit and cash offices located in 39 Russian cities. The network of own ATMs includes 49 devices. The number of employees as of September 1, 2017 was 1,702 people.

In fact, the main activities of "BCS - Investment bank” can be called operations with securities and settlement services of the companies of the parent group. For enterprises of the parent group of BCS, as well as other organizations, the bank provides services for opening, maintaining settlement, savings, special brokerage, correspondent accounts, settlements under letters of credit, as well as for various types of lending.

The Bank offers individuals and legal entities the following products and services: rent of individual bank safes, settlement and cash services, a wide range of deposits, structured products, loan products, services of the BCS-Internet-bank remote service system and the financial management Internet portal " BCS-online”, issuance of plastic cards on the basis of its own processing center, as well as operations for the purchase / sale of securities, foreign currency, operations with derivative financial instruments, transfers in rubles and foreign currency, maintenance of export-import contracts. Services for both corporate clients and individuals are combined into product packages.

The volume of net assets of the credit institution has decreased since the beginning of the year by 5.2% (or 3.3 billion rubles), amounting to 59.9 billion rubles as of December 1, 2017.

The decrease in the balance sheet currency was primarily due to the outflow of funds raised by the bank through the placement of its own securities, which led to a reduction in the bank's resource base. In the active part of the balance sheet, the main reduction affected the items issued by interbank loans and other assets.

The structure of the credit institution's liabilities is poorly diversified by sources of attraction and is highly dependent on the funds of legal entities, whose share as of the reporting date amounted to 58% of the total net liabilities of the credit institution. During the analyzed period, the following changes occurred in the structure of attracted funds:

The share of individuals' funds in liabilities increased from 20.1% to 28.8%, while their nominal amount increased by 4.5 billion rubles;
the share of funds of legal entities in liabilities increased from 49.3% to 58%, while their nominal amount increased by 3.6 billion rubles;
as of the reporting date, the share of attracted interbank loans is minimal (less than 1%);
as of the reporting date, the credit institution does not have its own issued securities on its balance sheet;
As of the reporting date, the credit institution does not have borrowed funds on loro accounts.

As of December 1, 2017, the credit institution's own funds amounted to 6.3 billion rubles, since the beginning of the year this indicator has increased by 99.1% (or 3.1 billion rubles). Shares of equity and borrowed funds as of the reporting date are 10.5% and 89.5%, respectively.

The main volume of the credit organization's assets falls on the item of issued interbank loans, which at the reporting date forms 44.4% of net assets. The shares of interest-bearing assets and other assets as of December 1, 2017 are 77.6% and 22.4%, respectively.

During the period under review, the structure of assets has undergone the following changes:

The share of the total loan portfolio increased from 3.6% to 4.8%, while its nominal volume increased by 612.4 million rubles;
the share of investments in the securities portfolio increased from 12% to 29.6%, while their nominal volume increased by 10.1 billion rubles;
the share of issued interbank loans decreased from 60.6% to 44.4%, while their nominal volume decreased by 11.7 billion rubles;
the share of highly liquid assets decreased from 13.3% to 12.9%, while their nominal volume decreased by 662.6 million rubles;
as of the reporting date, the share of the credit institution's investments in fixed assets is minimal (less than 1%);
the share of other assets decreased from 10.4% to 8%, while their nominal volume decreased by 1.8 billion rubles.

As of the reporting date, the value of the total loan portfolio of the financial institution is 2.9 billion rubles. Since the beginning of the year, its volume has increased by 612.4 million rubles (or 26.9%). The main share in the loan portfolio falls on loans to legal entities - 92.1%. The loan portfolio is predominantly short-term: the share of loans issued for a period of less than one year is 51%. Over the analyzed period, the level of overdue debt on the total portfolio decreased from 12.9% to 8.2%. At the same time, the level of provision for the loan portfolio is 32.5%, which fully covers the amount of overdue debt. The value of property pledged as collateral for loans is RUB 2.4 billion (81.6% of the loan portfolio).

In the interbank market, a credit institution works in both directions. As of December 1, 2017, the volume of placed funds is 26.6 billion rubles, of which 15 billion rubles are funds placed on deposit with the Central Bank of the Russian Federation. The amount of funds raised as of December 1, 2017 is 251.6 million rubles. On the foreign exchange market the financial institution is highly active, the turnover on conversion operations following the results of the last month is at the level of 1.8 trillion rubles.

According to RAS reporting data, at the end of 2016, the credit institution received net profit in the amount of 356.5 million rubles. For 11 months of 2017, the credit institution demonstrated a positive financial results with a profit of 304.7 million rubles.

Board of Directors: Oleg Mikhasenko (chairman), Elena Stepakina, Konstantin Khlyzov, Stanislav Novikov, Dmitry Peshnev-Podolsky.

Governing body: Dmitry Peshnev-Podolsky (chairman), Marina Rodionova, Dmitry Susin, Denis Ivanishchenko.

* BCS Company LLC (BrokerCreditService) is one of the leaders in the Russian investment market, the parent company of the same name financial group. Founded in 1995 in Novosibirsk, opened the first office in Moscow in 2000. The main owner of the group is its founder and president Oleg Mikhasenko. In addition to the bank and BCS Company LLC, the financial group includes BCS Management Company CJSC, BCS Management Company - Real Estate Funds LLC, BrokerCreditService (Cyprus) Limited, MSD LLC (specialized depository), NOU "BCS Training Center" . The group employs about 3.6 thousand employees. FG BCS is one of the leaders in the Russian market brokerage services with a total turnover of 64 trillion rubles (according to 2015 data) and total assets of 173.6 billion rubles (as of June 30, 2016, group data). The share of turnover on the Moscow Exchange is 27.8%.

The branch network of the group today includes 44 offices and 56 agency points in the largest cities of Russia. The Group is one of the leading operators of the Russian stock market in terms of the size of the client base - more than 250 thousand clients in 2016, including the company is the leader in terms of the number of corporate clients - more than 4 thousand companies.

Under the reliability of the bank, we mean a set of factors under which the bank is able to fulfill its obligations, have an adequate margin of safety in crisis situations, and not violate the standards and laws established by the Bank of Russia.

It should be borne in mind that only on the basis of reporting it is impossible to accurately determine the degree of reliability of the bank, so the study below is indicative.

Bank stability is the ability to withstand any external influences. Dynamics over a certain period may show stability (either improvement or deterioration) of various indicators, which may also indicate the stability of the bank.

Joint Stock Company "BCS Bank" is large Russian bank and among them ranks 79th in terms of net assets.

As of the reporting date (01 January 2020), the net assets of BCS BANK amounted to 72.00 billion rubles In a year assets increased by 15.65%. Growth of net assets positively affected the return on assets ROI: over the year, the net return on assets increased from 0.77% to 1.37% .

In terms of services rendered, the bank mainly attracts client money, and these funds are sufficient diversified(between legal and individuals), a invests funds are mainly loans.

BCS BANK - has the right to work with non-state pension funds providing compulsory pension insurance , and can attract pension savings and savings for housing for military personnel; has the right to open accounts and deposits in accordance with the law 213-FZ of July 21, 2014. , i.e. organizations of strategic importance for the military-industrial complex and security of the Russian Federation; to a credit institution appointed authorized representatives of the Bank of Russia.

Liquidity and reliability

The bank's liquid assets are those bank funds that can be quickly turned into cash in order to return them to depositor customers. To assess liquidity, consider a period of approximately 30 days, during which the bank will be able (or not able) to fulfill part of its financial obligations (because no bank can repay all obligations within 30 days). This "part" is called the "proposed outflow". Liquidity can be considered an important component of the concept of bank reliability.

Brief Structure highly liquid assets present in the form of a table:

From the table of liquid assets, we see that the amounts of highly liquid securities of the Russian Federation have slightly changed, the amounts of interbank loans placed for up to 30 days have increased, the amounts of funds in accounts with the Bank of Russia, highly liquid securities of banks and governments have significantly increased, and the amounts of funds on hand have decreased , the amounts of NOSTRO correspondent accounts in banks (net) decreased significantly, while the volume of highly liquid assets, taking into account discounts and adjustments (based on Ordinance No. 46.42 to 50.02 billion rubles

Structure current liabilities is shown in the following table:

During the period under review, what happened to the resource base was that the amounts of other deposits of individuals (including individual entrepreneurs) (for a period of up to 1 year), deposits and other funds of legal entities (for a period of up to 1 year), incl. h. current funds of legal entities (without individual entrepreneurs), own securities, the amount of interbank loans received for up to 30 days has greatly increased, the amount of deposits of individuals with a period of more than a year, correspondent accounts of LORO banks, obligations to pay interest, delinquency, accounts payable and other debt, while the expected cash outflow increased over the year from 13.35 to 17.36 billion rubles

At the moment under consideration, the ratio of highly liquid assets (funds that are easily available to the bank over the next month) and the estimated outflow of current liabilities gives us the value 288.15% what says good margin of safety to overcome a possible outflow of funds from bank customers.

In correlation with this, the standards of instant (H2) and current (H3) liquidity are important for consideration, the minimum values ​​of which are set at 15% and 50%, respectively. Here we see that the H2 and H3 standards are now at sufficient level.

Now let's track the dynamics of change liquidity indicators during a year:

According to the median method (discarding sharp peaks): the sum of the norm of instant liquidity H2 during year and last semester tends to decrease, the amount of the standard current liquidity H3 during of the year quite large and tends to decrease, but over the past half a year tends to decrease slightly, and the expert reliability of the bank during of the year quite large and tends to increase, but over the past half a year tends to significant drop .

Other coefficients for assessing the liquidity of the bank JSC "BCS BANK" can be seen at this link.

Structure and dynamics of the balance sheet

The volume of assets generating income for the bank is 87.66% in total assets, and the volume of interest-bearing liabilities is 89.74% in total liabilities. The volume of earning assets roughly corresponds to the average for large Russian banks (84%).

Structure earning assets at the moment and a year ago:

We see that the amounts of Promissory Notes, Investments in leasing operations and acquired rights of claim have slightly changed, the amounts of Interbank loans, Loans to individuals have increased, the amounts of Loans to legal entities have greatly increased, the amounts of Investments in securities have greatly decreased, and the total amount of income assets increased by 30.7% from 48.28 to 63.12 billion rubles

Analytics by degree of security issued loans, as well as their structure:

An analysis of the table suggests that the bank is focusing on bank lending, the form of security of which is guarantees and guarantees. The overall level of loan collateral is quite high and possible loan defaults are likely to be offset by the amount of collateral.

Brief structure interest liabilities(i.e. for which the bank usually pays interest to the client):

We see that the amounts of legal funds have changed slightly. individuals, deposits of individuals. persons, the amounts of funds of banks (interbank loans and correspondent accounts) increased significantly, and the total amount of interest-bearing liabilities increased by 16.0% from 55.69 to 64.61 billion rubles

More details on the structure of assets and liabilities of the bank JSC "BCS BANK" can be considered.

Profitability

Profitability of sources of own funds (calculated according to balance sheet data) increased over the year from 11.40% to 13.98%. At the same time, the return on equity ROE (calculated on forms 102 and 134) increased over the year from 7.35% to 14.09%(here and below, data are given in percent per annum for the nearest quarterly date).

Net interest margin increased over the year from 2.09% to 2.19%. Profitability of lending operations decreased over the year from 8.83% to 7.36%. The cost of borrowed funds has increased over the year from 2.77% to 3.01%. The cost of borrowed funds from banks increased over the year from 2.51% to 4.57%. The cost of household funds (individuals) increased over the year With

The bank was founded in 1989 on a share basis under the name "Iskitim Commercial Bank" in the city of Iskitim (Novosibirsk Region).

In 1991, it received a new name - "Commercial Bank" Ros ".

In February 2005, the bank entered the deposit insurance system.

In 2006, CB Ros was acquired by one of the country's largest brokers in terms of turnover, BrokerCreditService Company LLC (BCS Company)*. The credit institution was renamed BCS Bank and incorporated. Experts called one of the purposes of the purchase the issuance of margin loans secured by securities through a bank, bypassing the regulation of the Federal Financial Markets Service. However, the owners of BCS set a different goal - to create a universal banking institution and form a full line of banking services, including retail ones: consumer and car loans, issuance of credit cards.

In November 2007, the credit institution was renamed BCS - Investment Bank.

Since November 2018, the bank has been operating again under the name of BCS Bank JSC. In addition to its main direction - investment services, operations in the currency and securities markets - the bank is also developing retail lending.

As of July 1, 2019, the net assets of the credit institution amounted to 70.37 billion rubles, the volume of own funds - 6.34 billion rubles. According to the results of the first half of 2019, the bank shows a profit of 350.9 million rubles.

Branch network:
head office (Moscow);
1 branch (Moscow);
53 credit and cash offices;
38 representations.

In December 2018, the head office of the bank was transferred from Novosibirsk to Moscow and is located at the address of the Moscow branch.

Owners:
Oleg Mikhasenko - 84.48%;
Alexey Annenkov - 14.62%;
Elena Stepakina - 0.90%.

The bank is part of the FG BCS and is 100% controlled by its parent company, BCS Company LLC (the main ultimate beneficiary is Oleg Mikhasenko).

Board of Directors: Oleg Mikhasenko (chairman), Konstantin Khlyzov, Stanislav Novikov, Dmitry Peshnev-Podolsky, Nikita Ponomarev.

Governing body: Dmitry Peshnev-Podolsky (chairman), Marina Rodionova, Denis Ivanishchenko.

* BrokerCreditService Company LLC (BCS Company) is one of the leaders in the Russian investment market, the parent company of the financial group of the same name. Founded in 1995 in Novosibirsk, opened the first office in Moscow in 2000. The main owner of the group is its founder and president Oleg Mikhasenko.
In addition to the bank and BCS Company LLC, the financial group includes BCS Management Company CJSC, BCS Management Company - Real Estate Funds LLC, BrokerCreditService (Cyprus) Limited, BCS Life Insurance Insurance Company, BCS Training Center. The group employs about 4.5 thousand employees. FG BCS is one of the leaders of the Russian market of brokerage services, in particular, it is in the top 3 in terms of the number of active clients and the volume of client transactions on stock market according to the Moscow Exchange.