HCFBHome Credit & Finance Bank
HCFBHuron County Farm Bureau (Michigan)
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HCK's Long-Term IDR would only be downgraded if both its standalone financial profile deteriorated significantly and HCFB failed to provide timely support.
Fitch's view also takes into account HCFB's full ownership, common branding and reputational risk for HCFB in case of HCK's default.
The one-notch difference between HCFB's and HCK's ratings reflects the cross-border nature of the parent-subsidiary relationship and uncertainty regarding the performance of the unsecured consumer finance market in Kazakhstan and the strategic importance of the subsidiary for HCFB over the longer-term.
Both Tinkoff and HCFB reported robust annualised ROAE of 46% and 31%, respectively, in 1H17, while OTP's more moderate 11% was mostly due to higher operating expenses.
Pre-impairment profitability is solid and significantly above credit losses at Tinkoff (22% of average performing retail loans in 1H17), OTP (13%) and HCFB (12%), allowing Tinkoff to absorb a sizeable 13pp increase in credit losses before becoming loss making, while safety margins were moderate 6pp and 7pp at HCFB and OTP, respectively.
Capitalisation remains strong at OTP, HCFB and Tinkoff with end-1H17 Fitch Core Capital ratios of 24%, 19% and 16%, respectively, supported by the banks' improved profitability and deleveraging (OTP and HCFB).
The agency also affirmed the B+/B ratings on HCFB and then removed the ratings at the bank's request.
HCFB will obtain the finance in two tranches, denominated in US dollars and roubles, at a respective interest rate of 1.
2 March 2011 - Russian lender Home Credit and Finance Bank, or HCFB, today said it posted a RUB9.
HCFB, controlled by Czech financial group PPF Group, said further that its overdue loans made up 6.
During the IPO, HCFB intends to sell 25% of its shares for an estimated maximum of $1bn.
M2 EQUITYBITES-March 2, 2011--Russian HCFB books USD331m net profit in 2010 under IFRS(C)2011 M2 COMMUNICATIONS http://www.