Ugra is out of play

Ugra, the leader among Russian banks in terms of losses, has nothing left but only to run after the puck.
Origin source
Additional capitalization "Ugra" at 22 billion rubles by placing additional ordinary registered shares of the bank on the closed subscription will not solve the problem of the loss-making bank in the country, experts say. In their view, such actions pursue the main goal - to remove the Central Bank of the likely restrictions on the involvement of citizens' deposits. This is exactly what the bank aggressively engaged in recent years, luring customers unrealistically high rates.

October 14 with the support of "Ugra" bank in Odintsovo near Moscow will be the opening qualifying round Night Hockey League (modestly reduced to the NHL) season 2016/17. The Bank does not throw his most brilliant and probably the most expensive PR-project, founded in 2011 on the initiative of Russian President Vladimir Putin. However, we expect the state of hockey veterans and amateurs to further the stable support of the bank, which was for 8 months of 2016 the country's leader in losses? Its losses amounted to 21.4 billion. Rubles. However, in relative terms, this is not the worst result, the profitability of (or more precisely - the loss-making) capital ROE of the bank "Yugra" will beand -54.2% in the same period, he was fifth in the country on this indicator.

On how the bank got into this situation, he spoke in detail on the pages of "Profile" Maxim Osadchy ( "Hoover" among banks). It is a fast-growing bank attracted deposits from the public under a record interest, with the last 3 years, its assets grew 38 times. From a modest 261-th place in terms of assets (as at 1 January 2013) the bank moved to 26 th (September 1, 2016).

The expansion started in 2013 with the arrival of new owners, who have dramatically increased the bank's capital. Bank long concealed their new owners even from the Central Bank, and only at the beginning of 2016 became officially known that the ultimate beneficiary is businessman Alexei Hawtin. Judging by the available information, the Bank collected retail deposits in rubles and gave the money to loan businesses in the currency. It is possible that a significant amount of loans provided to entities affiliated with Hawtin brothers' business.

In fact, this entire period, the bank conducted its business at a loss, emphasizes in his commentary on the "Profile" Maxim Osadchy. In 2015, he formally floorchill net profit of 6.1 billion rubles, but "gifts." - derived income from donated property, which are reflected in the 102-th form, the statement of income - amounted to 7.5 billion rubles.. If we subtract the "gifts" of the profit, you get 1.4 bln. Rubles loss. In 2013, the bank had a similar situation:. Arrived at 3.9 billion rubles, "gifts" constituted 7.2 billion, ie. 3.3 billion. Loss after purification by "gifts" of shareholders. In 2012, when the profit 121.1 million. Rubles "gifts" made up 448.0 mln. Rubles. Thus, after the financial result of the bank clearing of "gifts" bank in 2012, 2013, 2015. It turned out to be unprofitable. And without any "gifts" it is deeply unprofitable as a result of 8 months of this year.

After a powerful, explosive growth of population's deposits in 2013-2015 growth of deposits amounted to only 7.4% for 8 months of 2016. "I do not exclude that the bank has received an order of the Central Bank on deposits. This pattern is typical for deposits of banks "vacuum cleaners", "- said Maxim Osadchy.

"Ugra" for almost a year was in line for capitalization by OFZ (treasury bonds). But first,yla problem with disclosure of the final beneficiaries, and then - with the financial condition of the bank. In the end, the bank recapitalization was denied.

And then I found a "golden key", which, according to the bank's management should solve all problems. The owners went to the capitalization of the bank at 22 bln. Rubles by placing additional ordinary registered shares of the bank on the closed subscription.

According to the Chairman of the Board Dmitry Shilyaeva Bank, cited by RBC as part of emission planned acquisition of additional shares by Radamant Financial AG totaling $ 300.5 million. Completion of the issue should take place in January-February 2017, expects Shilyaev. The Swiss company Radamant Financial AG owns 52.5% of shares of "Ugra" of the bank, its ultimate beneficiary - Alex Hawtin.

The head of the bank "Yugra" Alexei Nefedov said in an interview with Bloomberg that the bank plans to increase its assets by at least 30-35%, and will strive to become one of the backbone of the three years. The list of systemically important banks (they now total 10) published annually by the Central Bank. Once Nefedov addedthat fundamentally convinced of the need for shareholders to have an IPO of the bank.

But in order to enter in the top 10 in terms of assets, the bank "Yugra" it is necessary to build them is not 30-35%, and in 4 times. And then, provided that all other banks will stand still and wait, "Ugra". The yield on the IPO-leader bank in the country for claims looks more joke than a real plan. Such a little inadequate statements are more like "a good face on a bad game," than a precise calculation ...

But be that as it may, "Ugra" is clearly going after the completion of the capital increase and the possible removal of restrictions on the Central Bank to take deposits again "turn on the vacuum cleaner" and repeat his breakthrough 2013-2015 years - interest rates on deposits of the population had remained at record levels. Probably, with the same result.

Accepted "Ugra" way to recapitalize the bank does not solve all problems. After all, in fact it is just about converting "subordov", which already are on the bank accounts into ordinary shares. At the same time the basic capital of the bank will increase, but the amount of own funds (capital) will remain unchanged. influx of newfunds in the bank is not going to happen, as it did with "gifts of shareholders" in previous years. Perhaps it will be enough to lift the restrictions on attracting deposits, and probably - no.

"Ugra" The bank of the "Profile" declined to comment. His press office said that "can not comment on the decision of shareholders, and to add to the message of the recapitalization is nothing." Of course, how you can comment on such a wide discrepancy between the harsh reality in the form of damages and claims the head of the bank's grandiose plans. As they say, on the ruble ambitions - for a penny ammunition.

"While this sum (22 billion rubles -." Profile ") is enough to give a signal to the market in general, and to inform customers that the owners want to keep the pot - said" Profile "deputy chief editor of the portal" the "Semen Novoprudsky . - In this sense, the moral effect of such a measure can be above the material. "