Bank CenterCredit - Fixed Income Analysis

Stanislav Chuyev, Saltanat MadiyevaSeptember 23, 2016
According to 2Q2016 results, Bank CenterCredit's credit risks increased significantly given the net loss caused by a material increase in interest expense and the absence of interest income growth in light of the reduction in provision for impairment losses. Nevertheless, we maintain our Buy recommendation on the bank's bonds in anticipation of their possible buyback, given high cost of maintenance and gradual exclusion of perpetual financial instruments from the calculation of regulatory capital starting from 2017.

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