Friday, June 30 2017 19:49
Karine Melikyan

Moodys assigned to Bank Anelik "B2" rating with forecast "Stable"

ArmInfo. The international rating agency Moody's Investors Service has assigned to Bank Anelik a long-term rating of deposits in national and foreign currencies at the level of "B2" with the forecast "Stable" (Baseline Credit Assessment -BCA). The press service of the Bank informed ArmInfo about this.

"Assignment to the Bank of Anelik on the international scale is an important event for us, I am confident that this fact will allow us to further develop cooperation with partners in Armenia and abroad, and in the context of Armenia - to expand ties with foreign investors," said the Chairman of the Bank's Management Board Anelik Nerses Karamanukyan.

The assigned ratings reflect Anelik Bank's strong loss absorption supported by the bank's robust capital buffers and strengthening income generating capacity. Anelik Bank reported solid capital metrics with a Total Capital Adequacy ratio of 32.8% at 31 December 2016. Moody's expects Anelik Bank's capital position to remain strong over the next 12-18 months supported by strengthening internal capital generation.

In 2016, Anelik Bank's total regulatory capital increased by 165% to AMD 35.5 billion from AMD 13.4 billion as at YE2015, exceeding the minimum capital requirements of AMD 30 billion for Armenian banks effective from 2017. The increase was largely boosted by a capital injection of AMD 21.8 billion ($45 million) contributed by the bank's new shareholder FISTOCO LTD which acquired 59.68% equity stake and became Anelik Bank's majority shareholder . For 2016, Anelik Bank posted net profit of AMD 1.1 billion, up from AMD 215 million in 2015 which translated into a moderate Return on Average Assets of 0.6%. Moody's expects that Anelik Bank's recurring profitability will substantially improve over the next 12-18 months, supported by increased business volumes and strengthening interest margin due to declining funding cost. Moody's expects asset quality to remain adequate, supported by the stabilized operating environment and the bank's increased focus on secured lending products. As of 31 December 2016, the bank's problem loans (impaired corporate and retail loans overdue more than 90 days) accounted for 3.4% of gross loans.

Moody's expects Anelik Bank's liquidity and funding profiles to remain adequate over the next 12-18 months. Customer accounts, mainly comprising corporate deposits, accounted for 70% of total liabilities.  Interbank funding and issued local bonds constitute the remaining portion of the bank's funding and in Moody's view carry a low refinancing risk. In addition, Anelik Bank has maintained a sufficient buffer of liquid assets -- around 20% of total liabilities, consisted mainly cash and liquid government bonds.

According to the Financial Rating of the Armenian Banks prepared by the IA ArmInfo, Anelik Bank by the results of 2016 took the 5th position by assets - 283.5bln AMD, by the credit investments the 4th position - 218.8bln AMD, by the general obligations - the 4th position - 241.9 billion AMD, with the same position secured by time deposits of 156 billion AMD, the lion's share of which - about 70% - is the funds of legal entities. The volume of credit investments of Bank Anelik increased 3.6 times in 2016, which allowed to increase assets in the reporting year by 3 times, as a result of which the share of the loan portfolio in the bank's assets increased from 68% to 77%. The Bank increased its term deposits 3.5 times in the reporting year, which made it possible to increase liabilities almost as much (3.3 times). Net profit increased by 5.3 times to Anelik Bank for 1.2 billion AMD in 2016. (The calculated exchange rate of the AMD as of 31.12.2016 is 483.94 AMD/USD1). As of June 30, 2017, three tranches of Anelik Bank coupon bonds are listed on the NasdaqOMX Armenia exchange - two USD at $ 5 million and 1 billion in AMD. Moreover, the first - a USD tranche was issued in December 2016, and the remaining two fell in 2017. The fourth issue of the Bank's bonds-the next $ 5 million-was held on June 29 this year. And the placement is in progress.

To remind, Anelik Bank has been operating on the market since October 1996. After the additional share issue in November 2016, the membership of the Bank's shareholders changed - the entry of the Cypriot company FISTOCO LTD with a stake of 59.68% reduced the share of the former shareholder in the face of the Lebanese Bank CreditBank S.A.L from 100% to 40.32%. Indirect majority shareholders are physical persons: Tarek J. Khalefe (CreditBank S.A.L) and Vartan Dilanyan (FISTOCO LTD).

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