Key Investment Highlights

Key Investment Highlights

  • 100% state-owned, quasi-sovereign bank
  • Third largest branch network with 66 branches and more than 1,260 additional offices
  • Broad customer base comprising over 6.6 million clients
  • Ranked No. 248 in the Top 1000 banks globally by The Banker
  • Investment-grade credit ratings by Fitch at ‘BBB-’, Stable
  • Strong government support in capitalization and supervision
  • Diversified loan portfolio, reduced concentration risk
  • Main agent of the Government of the Russian Federation for the development of agribusiness lending
  • Extensive knowledge of agribusiness and related subsectors
  • Strong and experienced management team

Recent Events and Developments

  • In June 2019, RusAg issued on the domestic market exchange-traded bonds series BO-09P in the amount of RUB 10 billion maturing in June 2021 and a coupon rate of 8.15% p.a.

  • RUB 15 bln capital injection in April 2019.

  • In April 2019, the Bank fully placed in the domestic market exchange-traded bonds series BO-08P in the amount of RUB 10 billion maturing in April 2020 with semi-annual payments for the two semi-annual interest period at 8.35% p.a.

  • Capital increase amounting to a total of RUB 25 bln in 2018.

  • In December 2018, the Bank issued on the domestic market perpetual subordinated bonds for the total amount of USD 50 million, with a coupon rate of 9.0% p.a., coupons paid semi-annually.

  • In November 2018, RusAg issued on the domestic market exchange-traded bonds series BO-07P in the amount of RUB 19.9 billion, circulation period of 7 298 days, and a coupon rate of 10.5% p.a.

  • In November 2018, the Bank placed in the domestic market perpetual subordinated bonds for the total amount of RUB 5 billion, with a coupon rate of 10.1% p.a., coupons paid semi-annually.

  • In October 2018, the Bank issued on the domestic market RUB 13,000 million bonds maturing in October 2022 with semi-annual payments at 9% p.a.

  • In July 2018, the Bank repaid at the maturity date Eurobonds (loan participation notes) denominated in US Dollars in the amount of USD 1 300 million, issued in July 2013 and February 2014.

  • In May 2018, the Bank repaid at the maturity date Eurobonds (loan participation notes) denominated in US Dollars in the amount of USD 901 million, issued in May 2008.

  • In April 2018, RusAg placed two issues of perpetual subordinated bonds for the total amount of RUB 15 billion, with a coupon rate of 9.0% p.a.

  • In March 2018, the Bank fully placed a RUB 25 billion BO-05P series exchange-traded bond in the domestic capital market. The issue maturity is 4 years. The first coupon rate was set at 7.4% p.a.

  • In February 2018, the Bank repaid at the maturity date Eurobonds (loan participation notes) (placed at par) denominated in Russian Roubles in the amount of RR 8 500 million, issued in February 2013.

  • Capital increase amounting to a total of RUB 50 bln in 2017.

  • In December 2017, the Bank placed a RUB 5 billion BO-04P exchange-traded bond in the domestic capital market. The issue maturity is 1,100 days, without put options. The final coupon was set at 8.10% p.a.

  • In June 2017, the Bank repaid at the maturity date subordinated loan in the amount of USD 200 million issued in June 2007.

  • In July 2016, the Bank completed a RUB 10 billion T1 capital increase by placing local perpetual bonds compliant with the criteria for inclusion in Tier 1 capital.

  • In July 2016, the Bank early repaid subordinated debt (placed at par) denominated in US Dollar in the amount of USD 800 million issued in June 2011.

  • RUB 8 billion capital increase in April 2016.

  • RUB 68.8 bln T1 capital increase by means of federal loan bonds (OFZ) through the Deposit Insurance Agency (DIA) in November 2015.


Ratios


31 December 2016 31 December 2017 31 December 2018
CET1 Ratio (N1.1)   9.6%   10.5%   9.5%
Tier1 Ratio (N1.2)   10.2%   11.0%   10.7%
Capital Adequacy Ratio (N1.0)   16.3%   15.5%   15.2%

* Calculated based on Basel III requirements

Audited IFRS Financial Statements as of December 31, 2016, December 31, 2017 and December 31, 2018

 

Key Financial Highlights

USD million  FY 2016  FY 2017 FY 2018
Summary of consolidated profit or loss statement 
Net interest income  931.7  1,098.5  970
Net fee and commission income  238.1  350.5  310
Profit/(Loss) before tax  (956.1)  (254.1)  108
Profit/(Loss) for the year (971.5) (338.2)  22
Summary of consolidated statement of financial position 
Cash and cash equivalents  5,375.0  10,181.2  5,622.3
Mandatory cash balances with the Central Bank of the Russian Federation  185.7 331.8 297.3
Securities  4,436.1  5,877.4  8,516.9
Due from other banks  914.8  450.3  557.3
Loans and advances to customers  26,673.6  30,655.4  28,181.2
Premises and equipment  266.9  650 722.4
Other assets  2,745.5  2,010.4  938.5
Total assets  40,597.7 50,156.4  44,836.0
Due to other banks  1,295.7  915.9  2,469.1
Customer accounts  26,011.3  38,256.4  34,850.0
Promissory notes issued  226.9  641.4  609.5
Other borrowed funds  7,515.8  4,245.8  2,052.8
Derivative financial instruments  17.апр 58.4  132.6
Other liabilities  292.3  415.9  418.0
Subordinated debts  2,524.4  2,316.7  2,120.0
Total liabilities  37,883.7  46,850.6  42,652.0
Total equity  2,713.9  3,305.8  2,184.0
Total liabilities and equity  40,597.7 50,156.4  44,836.0

Audited IFRS Financial Statements as of December 31, 2016, December 31, 2017 and December 31, 2018

Bank of Russia RUB/USD exchange rates: 31 December 2016 – 60.66, 31 December 2017 – 57,60, 31 December 2018 - 69,47