Questions for profit
August bank earnings for analysts also look strange: Fitch in his report calls it "uncertain profits." In January - July, the bank showed a loss of 2.4 billion rubles., Recognized about 9 billion negative adjustments to the balance sheet capital, plus in August it added up another 900 million rubles in reserves. - Given all this, in August Vostochny earned 1.4 billion rubles. profit against 300 million rubles. loss in July, counted Lopatin.
As a result, Vostochny turned out to be one of the most profitable banks in August - its annual return on capital reached 70%, while the average return on the sector was around 15–20%, Lopatin pointed out. Banks usually need to audit it in order to include profits in the basic (standard H1.1) capital, which takes time, while Vostochny's fixed capital in August grew by a value of about 1.5 billion rubles, comparable to profit, he reminds .
The bank sold a significant portion of its securities portfolio, mainly OFZ, for a total of more than 16 billion rubles, analysts say. The question, for which there is no answer yet, is to whom and on what conditions they were selling, if this provided such a profit, Belikov notes: it is not yet possible to say with 100% certainty that this is profit from the sale of securities, but other possible sources of profit for the analyst in the published statements did not see.
The representative of Vostochny, when asked why the bank made such a profit, said that “the bank consistently earns organic profit in the amount of 800 million to 1.3 billion rubles. per month".
The bank’s result cannot be considered sustainable, Belikov said, firstly, if the August profit is really from the sale of securities, then a significant part of the portfolio has already been realized. Secondly, as can be seen from the statements, the bank continues to accrue reserves, i.e., the occurrence of uncovered losses is still likely.
The legislation provides for liability for non-submission or untimely submission of reports to the Bank of Russia, reminds Forward Legal lawyer Fedor Zakabunya: liability is provided for both credit organizations and their officials. If the bank has provided the Central Bank with incorrect data, then the regulator may order it to eliminate the identified violations, he says.