Rating agency “Expert RA” confirms Alfa-Bank's credit rating at ruAA+ with a stable outlook
The bank's rating is based on strong market positions, moderate capital adequacy with high profitability, adequate asset quality, moderate liquidity position, and high evaluation of corporate governance quality.
The bank's profit for 2024, according to Russian Accounting Standards (RAS), amounted to 205 billion rubles, exceeding the 2023 result by 70%. The Return on Equity (ROE) under RAS for 2024 was 27%, compared to 20% in the previous year. The increase in profitability was driven by the growth of net interest income against the backdrop of an expanding loan portfolio and the maintenance of net interest margin.
The bank's operational efficiency remains high, with the Cost-to-Income Ratio (CIR) at about 37% for 2024. Given the high capital generation, the agency expects an increase in the bank's capital adequacy ratio.
The strong market position is driven by the bank's significant share of the Russian banking market and a wide client base across all business segments. Over the past 12 months, the bank continued to expand its operations at a significant pace. As a result, from March 1, 2024, to March 1, 2025, the corporate loan portfolio grew by approximately 35%, while the retail portfolio grew by 24%. According to the agency, the bank will continue to strengthen its competitive positions in the Russian banking market.
The agency rates the quality of the corporate loan portfolio as high, given the low level of overdue debts and prolonged loans. Corporate borrowers are rated as highly reliable. The bank's status as a systemically important credit institution also has a positive impact on its rating.
Alfa-Bank is the largest universal private bank in Russia. For over 30 years, it has maintained leading positions across all segments of the banking business. As of the first nine months of 2024, according to financial statements under RAS, Alfa-Bank’s net profit amounted to 190 billion rubles. The bank's client base includes over 1.9 million corporate clients and 38.7 million individual clients.
Alfa-Bank operates under a Phygital model, combining digital innovations with an efficient physical presence network, which includes more than 700 branches and over 27,000 locations with delivery services.
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