“Tatneft”. On June 28, 2002, the annual shareholders’ meeting of “Tatneft” decided on dividends for equaled 100% of face-value on preferred stocks and 10% of face-value on common stocks. The face-value of the share is one ruble.
The net profit of “Tatneft” (according to GAAP) in 2001 dropped to 21.15 billion rubles from 23.billion rubles in 2000. The net income per common share in 2001 fell from 9.6 rubles to 10.5 rubles in 2000.
“Sberbank”. On June 21, 2002, the annual shareholders’ meeting approved the dividends for (105.7% – on common share and 114% – on preferred share).
The balance profit of “Sberbank” (according to international accounting standards) in 2001 amounted to 38.1 billion rubles, i.e. near two times higher its balance profit in 2000 (19.7 billion rubles). The net profit also grew twice – up to 27.4 billion rubles (in 2000 it was 13.3 billion rubles). The net assets rose by 40% for the year and equaled 771.6 billion rubles. The capital (according to international standards) reached 81.billion rubles (the capital grew by 1.6 times against 2000 – 49.4 billion rubles). So high financial results (according to international accounting standards) can be explained by an increase in quality of loan portfolio acknowledged by auditors. The long-term loans given to the real sector grew by 1.6 times and reached billion rubles.
The interbank loan market.
In May and June 2002 the market for ruble interbank loans demonstrated a substantial fall in interest rates (see Fig. 7). E.g., rates on overnight credits fell to 2–5% annualized at rather low variation. Namely, the highest cost of borrowing did not exceed 8% annualized. The main factor that contributed to the rates’ reduction was a growth of balances on correspondent accounts of commercial banks in the Bank of Russia:
during most of the period exceeded 80 billion rubles, while in March and April 2002 they sank to 60–billion rubles. It is evident that the main source of the liquidity in the market was the Russian Central Bank, which increased supply of rubles through foreign exchange market operations.
'Overnight' Ruble Interbank Interest Rates between April to June, MIBID MIBOR 12 MIACR Foreign exchange market.
In June 2002 the situation in the forex market was calm. Commercial banks despite growth of liquidity did not raise demand for dollars, and the Russian Central Bank was, actually, a single buyer in the market (see % annualized 01.04.04.04.09.04.12.04.17.04.22.04.25.04.29.04.07.05.14.05.17.05.21.05.24.05.29.05.03.06.06.06.11.06.17.06.20.06.section Monetary policy). Therefore, pace of ruble devaluation remained at the previous level (0.3–0.5% per month). That rate provides for gradual appreciation of ruble real exchange rate.
In total, in June 2002, the official dollar exchange rate grew from 31.3071 rubles/$ to 31.4471 rubles/$, i.e. by 0.45% (5.50% annualized, see Fig. 8). The ‘today’ dollar exchange rate in the SELT increased from 31.3371 roubles/$ to 31.4924 rubles/$ (as of June 24), i.e. by 0.51%. The ‘tomorrow’ dollar exchange rate went up from 31.3376 rubles/$ to 31.4899 rubles/$ (as of June 24), i.e. by 0.49%. According to preliminary estimates, in June the trading volumes by dollar amounted up to 125 billion rubles.
Dynamics of the Rouble / Dollar Exchange Rates in 31,31,31,31,31,31,31,31,31,31,31,31,30,30,30,30,30,30,30,The official dollar exchange rate 30,30,55 The average-weighted 'today' dollar exchange rate 30,The average-weighted 'tomorrow' dollar exchange rate 30,30,30,30,30,30,30,30,FIGURE 9.
Dynamics of the Euro/Dollar Exchange Rate on the International Markets 0,0,0,0,0,0,0,0,0,0,0,0,0,0, roubles/US dollar 01.01.10.01.16.01.22.01.26.01.01.02.07.02.13.02.19.02.23.02.02.03.08.03.15.03.21.03.27.03.02.04.06.04.12.04.18.04.24.04.28.04.08.05.16.05.21.05.25.05.31.05.06.06.12.06.19.06.25.06.29.06.USD/EURO 01.01.08.01.15.01.22.01.29.01.05.02.12.02.19.02.26.02.05.03.12.03.19.03.26.03.02.04.09.04.16.04.23.04.30.04.07.05.14.05.21.05.28.05.04.06.11.06.18.06.25.06.In June 2002 the position of the European currency against the US dollar became well stronger (see Fig.
9). By end of the month the exchange rate got the level of 0.98–0.99 $/euro. The latter was the highest value since February 2000. As we mentioned in the previous report, the main causes of the situation are a record deficit of the US current account. At the same time, other fundamentals (rates of economic growth, inflation and expectations) in Europe are worse than those in the USA.
In June, the ruble/euro official exchange rate fell from 29.3254 rubles/euro to 31.0792 rubles/euro, i.e. by 6.18% over the month. According to preliminary estimates, in June 2002, the total trading volume on euro made up to about 3.7 billion rubles.
Dynamics of EURO Official Excnange Rate in 31,31,30,30,29,29,28,28,27,27,26,26,TABLE 2. INDICATORS OF FINANCIAL MARKETS.
February March April May June* Inflation rate (monthly) 1.2% 1.1% 1.2% 1.7% 1.1% Annualised inflation rate by the month’s 15.39% 14.03% 15.39% 22.42% 14% tendency The RCB refinancing rate 25% 25% 23% 23% 23% Annualised yield to maturity on OFZ issues 13.84% 15.80% 16.64% 15.61% 15% Volume of trading in the secondary GKO- 6.11 4.78 11.33 14.98 OFZ market a month (billion roubles) Yield to maturity on Minfin bonds by the end of the month (% a year):
4th tranche 5.97% 6.86% 6.19% 6.05% 6.6% 5th tranche 9.35% 10.13% 9.88% 9.77% 10.5% 6th tranche 8.96% 9.65% 8.80% 9.02% 10.1% 7th tranche 9.16% 10.23% 10.26% 10.11% 10.5% 8th tranche 8.75% 9.63% 8.92% 9.09% 10% INSTAR – MIACR rate (annual %) on interbank loans by the end of the month:
Overnight 39.64% 17.79% 8.86% 4.09% 4.5% 1 week 14.55% 22.84% 12.34% 7.08% 9% Official exchange rate of ruble per US 30.9404 31.1192 31.1963 31.3071 31.dollar by the end of the month rubles/euro 01.01.12.01.22.01.30.01.07.02.15.02.23.02.06.03.15.03.23.03.02.04.10.04.18.04.26.04.08.05.18.05.25.05.04.06.12.06.21.06.29.06.Official exchange rate of ruble per Euro by 26.7120 27.1515 28.1453 29.3254 31.the end of the month Average annualized exchange rate of ruble 0.83% 0.58% 0.25% 0.36% 0.45% per US dollar growth Average annualized exchange rate of ruble 0.63% 1.65% 3.66% 4.19% 6.81% per euro growth volume of trading at the stock market in the 247.1 426.3 468.9 454.1 344.RTS for the month (millions of USD) the value of the RTS Index by the end of 290.75 350.75 386.10 391.26 353.the month growth in the RTS Index (% a month) 1.12% 20.64% 10.08% 1.34% -9.58% * Estimates S. Drobyshevsky, D. Skripkin Deposits of Enterprises and Organizations:
Dynamics in the 1st quarter of The total amount of the market of deposits of Russian enterprises and organizations made almost Rub. billion by the beginning of 2002. It increased by almost 22 % over the preceding year. Almost 2/3 of the time deposits of enterprises are forex denominated. In the early 2002, their share made 72 %. The share of Ruble denominated deposits increased from 25 % to 28 % over the year. Alongside with deposits, enterprises also use deposit certificates, however, the total amount of such instruments makes less than 10 % of the amount of time deposits, therefore, deposit certificates are not included in this survey.
The share of non-resident enterprises in the total amount of deposits of enterprises is less than 10 %, therefore, only deposits of resident enterprises and organizations are included in the survey.
In the early 2002, the total amount of deposits of resident enterprises and organizations made almost Rub.
100 billion5, including Rub. 25 billion worth of deposit certificates. In the 1st quarter of 2002, there was observed a decrease in the amount of deposits of resident enterprises and organizations across all functioning Russia’s banks (excluding Sberbank) from Rub. 227.3 to Rub. 216.4 billion (without deposit certificates). At the same time, the amount of Ruble denominated deposits decreased more than the forex component (Ruble denominated deposits decreased by 8.5 % as compared with the 4 % decline in forex denominated deposits).
Similarly to 2001, in the early 2002 only slightly more than half of the banks attracted deposits of enterprises and organizations. In the early 2002, the shares of two leaders – Surgutneftegazbank and the Moscow International Bank (MIB) made 20.3 % and 17.4 % of the total amount of deposits respectively.
Sberbank accounted for 6.8 %. Therefore, the share of three leaders made 44.5 % of the market, while largest market participants accounted for 64.4 % of the total amount of deposits. According to the data of the 1st quarter of 2002, Surgutneftegazbank and MIB exchanged their rankings. However, the rankings of banks leading in terms of forex denominated deposits remained the same, although their shares in this segment of banking services slightly increased (29.2 % and 22.1 %).
The market of Ruble denominated deposits, similarly to the forex denominated deposits, still orients towards short term deposits. According to the data pertaining to the beginning of the year, the deposits for less than 3 months accounted for the major part of the market (see Tables 1 and 2). For instance, the share of up to 3 months Ruble denominated deposits of an average Russian bank made 40 %, while forex denominated deposits termed less than 3 months made 44.4 %. In the 1st quarter of 2002, the share of Ruble denominated deposits termed more than a year significantly increased – from 28.5 % to 34.1 % (growth by 19.6 %).
The increase in the share of long term deposits in the 1st quarter of 2002 occurred at the background of a significant decrease in the share of Ruble denominated funds attracted for up to 3 months: the share of these deposits in the total amount of funds deposited by resident enterprises with an average Russian bank decreased from 40 to 31.5 % by April (see Table 1).
In the 1st quarter of 2002, similar changes were observed in the time structure of forex denominated deposits (see Table 2). The share of funds attracted for time less than 3 months decreased from 44.4 % to %, while the share of forex denominated deposits termed for a longer time increased from 20.9 % to 29.9 %.
Here and below without banks under ARCO management and Vneshekonombank.
The shift towards longer terms occurred primarily due to the changes in the policies pursued by Moscow based banks. As Tables 3 and 4 demonstrate, longer terms of Ruble denominated deposits are more typical for regional banks, and the share of Ruble denominated deposits termed more than one year did not change significantly over the observed period (35.1 % in the beginning of the year and 35.7 % by the end of the 1st quarter). The share of deposits termed less than 3 months decreased, while the share of deposits termed 6 to 12 months increased simultaneously. While for regional banks the decrease in the share of Ruble denominated deposits termed less than 3 months in the total amount of deposits in the 1st quarter made 15 %, in the average Moscow bank this share decreased by (from 51.4 % to 38.5 %). Even more clear differences between regional and Moscow based banks may be observed in terms of the structure of forex denominated deposits. While in the average regional bank the share of forex denominated 3 months decreased only by %, in the average Moscow based bank this share declined by more than 40 %.
Yet another typical difference of bank groups formed by the territorial principle is the domination of short term deposits (up to 3 months) in the structure of forex denominated deposits of regional banks – by the beginning of April their share made 79.3 % as compared to 12.1 % in the average Moscow based bank. As concerns long term forex denominated deposits, the proportion is reverse. While the average Moscow bank demonstrates the maximal share of forex denominated deposits termed more than a year (38.9 %), in regional banks this indicator makes only 8.6 %. However, this time structure of forex denominated deposits with regional banks was formed due to the influence of one bank – Surgutneftegazbank, which attracted more than 90 % of forex denominated deposits for up to 3 months. Therefore, the present time structure on the regional market of forex denominated deposits can not be reviewed as a trend.
Thus, the general situation on the market of deposits of enterprises and organizations by the end of the 1st quarter was as follows: the most popular term of Ruble denominated deposits with Moscow based banks was up to 3 months; however, the share of such deposits fell from 51.4 % to 38.5 % over this quarter. The share of similar deposits with regional banks also declined, however, the share of deposits termed 6 to 12 months increased.
Table Time structure of Ruble denominated deposits of enterprises as on January 1, 2002 and March 1, (in %, without deposit certificates).
Deposits of resident enterprises: Banks attracting deposits of enterprises 01.02 04.All All All functioning functioning functioning banks without banks banks Sberbank without Sberbank Demand deposits 2.7 2.6 2.Up to 90 days 40.2 40.0 31.91 to 180 days 14.6 14.1 13.181 days to 1 year 15.0 14.8 18.More than 1 year, of which 27.5 28.5 34.Over 3 years 14.6 15.4 19.Memorandum:
Average amount of assets, (current prices, Rb. 3416 2450 bln) Number of banks 797 796 Note: Estimated on the basis of data provided by STIiK * values at the beginning of a month for banks attracting deposits of resident enterprises and organizations Table 2.
Time structure of forex denominated deposits of enterprises as on January 1, 2002 and March 1, (in %, without deposit certificates).
Deposits of resident Banks attracting deposits of enterprises enterprises:
01.02 04.All functioning All functioning All functioning banks banks without banks without Sberbank Sberbank Demand deposits 0.7 0.7 2.Up to 90 days 43.3 44.4 32.91 to 180 days 5.6 4.4 6.181 days to 1 year 29.6 29.6 29.More than 1 year, of which 20.8 20.9 29.Over 3 years 9.2 9.9 10.Memorandum:
Average amount of assets, 10301 6971 (current prices, Rb. bln) Number of banks 230 229 Note: Estimated on the basis of data provided by STIiK * values at the beginning of a month for banks attracting deposits of resident enterprises and organizations Table 3.
Time structure of Ruble denominated deposits of enterprises as on January 1, 2002 and March 1, (in %, without deposit certificates).
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