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‘Expert-rating’ RA confirms the credit rating of Bank GLOBUS at level uaBBB- following


22/10/2010

On oktober 22h, 2010 ‘Expert-rating’ rating agency has confirmed the credit rating of Bank GLOBUS at the level uaBBB- on national scale. Level of credit capacity depends on influence of unfavourable commercial, financial and economic conditions.

When confirming the rating, the Agency was guided by the following conclusions:
1. Globus bank continued expansion of the filial network in the first three quarters of the year. So, on July, 6th the Bank opened a branch in the city Kamenets-Podolsky of Khmelnitsky region. New branch has been opened in the Pechersky disctrict of the city of Kiev on July, 15th. The filial network of JSC ‘Commercial bank’ Globus totaled 6 branches. Such network can be categorized as small one, yet growth of number of branches was showing the readiness of JSC ‘Commercial bank’ Globus shareholders to invest means in financial entity development that undoubtedly is a good signal for investors and other creditors of Bank.
2. On 10.10.2010 Bank loans impairment provisions made up UAH 56.2 m. That is on 110% more than
similar indicator 12 months ago. This tendency matches general trend of the banking system. Reserves on credit operations increase, also due to toughening of regulatory requirements to assessment of the financial condition of borrowers — physical and legal persons in April, 2010. The quality of credit portfolio and its basic parametres remain stable, irrespective of change of regulator approaches to credit operations provisioning.
3. Capital adequacy level decreased by 3.15 percentage points to 24.71%. According to Agency, the Bank still remained recapitalized that allowed it getting additional resources painlessly and in no way could impair banks’ solvency. The fact that JSC ‘Commercial bank’ Globus finished 9 months of 2010 with UAH 5.3 m of net profit should be regarded as positive. However, it is by 41% less, than for the similar period of last year. Decrease of profitability level has been impacted both by the growth of reserves on credit operations, and drop of rates in the market. The changes in Bank resource base, according to Agency, has been caused by the changes of monetary market conditions.
As a whole, the Agency estimates positively current condition of JSC ‘Commercial bank’ Globus,
considering that the Bank resists successfully the crisis phenomena which have affected small banks in 2009–2010.
Redundant capitalization, good level of liquidity, availability of own depositary base allows the JSC ‘Commercial bank’ Globus to support an adequate level of solvency and to fulfill obligations to investors and other creditors.

Analytical service of RA Expert-Rating

Confirmation of Bank GLOBUS — 22.10.2010

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