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The international rating agency Moody’s confirmed that the financial strength rating of the Russian Regional Development Bank at E+ level, as well as the bank’s global deposit at Ba2/NP. RRDB rating on a national scale was confirmed at the level of Àà2.ru, while the bank’s outlook is stable according to ratings.
According to Moody’s conclusions, these ratings are supported by RRDB excellent situation as the main clearing bank for the Oil Company Rosneft in so far as the bank provides services to most employees of the oil company, as well as performs a number of treasury functions for the company. According to Moody’s, RRDB broad regional network, its developed bank card business, stable liquidity and improved capitalization are among the bank’s other strengths. At the end of 2010, RRDB increased its capital by issuing additional shares in favor of the Oil Company Rosneft. The bank’s share capital increased from 765 million rubles to 1,174 million rubles, while the bank’s capital adequacy ratio grew to 20.8%. In January 2011, the Federal Antimonopoly Service approved RRDB’s acquisition of 88.28% of shares in the Far Eastern Bank. If the Bank of Russia approves the transaction, together with the existing shares, RRDB will hold 100% of the voting shares in the Far Eastern Bank. A marked growth of assets of the RRDB group was also noted. According to consolidated statements under international accounting standards, RRDB assets amounted to 85.4 billion rubles on 31st December 2010. RRDB assets under international accounting standards amounted to 63.3 billion rules a year ago. The bank’s net profit amounted to 1.2 billion rubles at the end of 2010 compared with 922 million rubles at the end of 2009. |
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