We upgrade our recommendation on JSC "Bank CenterCredit" bonds from HOLD to BUY due to income growth yoy in 1Q2016, sufficient liquidity on the balance sheet, improvement in asset quality. We expect the recovery in net interest margin in 2016 due to the decline of interest rates in the money market. Furthermore, as we expect the lending recovery by the 2016 year-end in light of the improvement in operating environment, we believe the bank will buyback its bonds not sooner than 2017 since the need of keeping expensive funding in order to maintain Tier 1 capital will decline gradually, starting from 2017. 

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