Results of I half-year of bank “ the Russian credit “
the Analysis of results of activity of the largest Russian banks in I half-year 1994, besides granting of the data about change in structure of their operations, allows to judge that, it is how much essential in comparison with last year the conjuncture of the financial market as a whole has changed. For example, results of work of bank “ the Russian credit “ testify that the currency transactions which were most profitable for banks, give way today to transactions in the credit and share markets.
“ the Russian credit “ shows example of universal bank typical enough for a domestic financial system. Owing to the universalisation these banks most sensitively react to changes of the general situation in the market. In particular, an aggravation by the end of I half-year of crisis of non-payments and, as consequence, growth of a non-return of credits have compelled bank “ the Russian credit “ almost in 2 times to reduce volumes of direct crediting of the enterprises. On the other hand (see drawing), volumes of financing of intermediate term investment projects have a little increased that basically is characteristic today for the majority of big banks. In these conditions essential growth of the interbank credits given out by bank (contradicting, at first sight, to the thesis about increase of riskiness of credit operations) only illustrates share increase “ the Russian credit “ on this segment of the financial market. Now the bank is included into number of the most active participants of market MBK, and, first of all, the market “ short “ money.
it indirectly confirms also the analysis of structure of incomes of bank - the big share in them is made by percent for credits. An appreciable gain (see Drawing) was received also by a share of the incomes received by bank from operations with securities. On the contrary, incomes of currency transactions were reduced almost in 2 times.
comparison of these results allows to make two important conclusions. On the one hand, it is the certificate of the occurred changes in structure of operations of the bank. (That fact that in the middle of last year currency transactions brought to it more than half of all incomes, was more than evident acknowledgement to existing representations about “ the Russian credit “ as about “ big menjalnoj to office “ - last year the bank through a wide network of exchange offices very actively performed retail operations with cash currency.) On the other hand, these changes only reflect more global changes which have occurred in a conjuncture of the financial market as a whole. In particular, decrease in inflation and rates of increase of a dollar exchange rate (accompanied by toughening of control over currency transactions from the Central Bank) has objectively lowered appeal of these operations. And fast development of new sectors of the financial market (first of all, share) even more made active process of redistribution of bank actives. Today steadfast attention big banks (including “ the Russian credit “) Show, for example, to the state securities - state credit obligations, to currency bonds of the Ministry of Finance, “ gold “ to certificates. And if currency transactions still bring the big share of the income to bank “ the Russian credit “ in many respects at the expense of its active transactions with “ soft “ currencies in which market it remains to one of recognised leaders.
YURY - KATSMAN, DENIS - MANURIN