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20.10.2012

Financial situation of the banking system in January - September 2012



During January – September 2012, the banking system of the Republic of Moldova recorded the following trends:

As of September 30, 2012 the Tier I capital amounted to MDL 6636.7 million, decreasing by 10.3 percent from the beginning of year. This decrease was determined by the evolution of loan portfolio quality, in the context of reducing the growth rate of the national economy, amid vulnerable external macroeconomic environment.

The share of foreign investments in banks constituted 71.4 percent as at September 30, 2012, decreasing by 2.6 percentage points due to higher investments of resident shareholders. The average risk-weighted capital adequacy on the system is still at a high level - 24.6 percent (minimum required level being of ≥ 16 percent), by 5.2 percentage points less as compared to the beginning of 2012. This evolution indicated the orientation of banks towards lending to the economy, with the potential for recovery in this regard.

The assets under IFRS amounted to MDL 55791.2 million, increasing by 13.2 percent as compared to the beginning of 2012. This dynamics was due to the increased liabilities and capital under IFRS, indicating an expansion of banking activity. Thus, within the structure of assets the following elements have increased during the first nine months of 2012: loans and receivables - by 12.1 percent, up to MDL 35403.8 million, cash and cash equivalents - by 16.7 percent, up to MDL 12840.2 million, other assets - by 36.9 percent, up to MDL 1002.6 million, investments held to maturity - by 6.6 percent, up to MDL 3164.2 million, fixed assets and disposal groups classified as held for sale – by 14.6 percent, up to MDL 871.8 million, tangible assets – by 5.8 percent, up to MDL 1662.4 million, financial assets available for sale - by 50.5 percent, up to MDL 249.4 million, financial assets held for trading - by 34.1 percent, up to MDL 163.2 million, claims on taxes – by 58.0 percent, up to MDL 95.2 million, investments in subsidiaries, associates and joint ventures – by 15.5 percent, up to MDL 82.1 million and intangible assets - by 2.0 percent, up to MDL 256.1 million. At the same time, the financial assets at fair value through profit or loss decreased by 100 percent.

During the first nine months of 2012, the bad loans (substandard, doubtful, and compromised) in absolute value have increased by 24.3 percent as at September 30, 2012, recording the value of MDL 4890.1 million. At the same time, the share of bad loans (substandard, doubtful, and compromised) increased in total credits by 1.6 percentage points, as compared to the beginning of 2012, constituting 14.5 percent as at September 30, 2012.

The volume of new loans granted during January – September 2012 constituted MDL 19718.6 million, decreasing by 3.5 percent compared to the same period of the previous year. The total volume of deposits attracted during the first nine months of 2012 constituted MDL 29825.1 million, by 0.8 percent less.

The sum of the ten largest net loan debt constituted 24.5 percent of net loans system (maximum limit - 30 percent of net loans), noting a risk diversification, supporting banks' financial security. As at September 30, 2012, the banking system recorded a profit of MDL 797.9 million, which is by 22.7 percent more compared to the same period last year. This improvement is due to the increase in interest-related income and non-interest-related income and due to the exclusion of deductions for assets losses from profit calculation. As at the end of September 2012, the return on assets remained unchanged - 2.0 percent – as compared to the same period last year, while the return of equity declined slightly - by 1.0 percentage points as compared to the same period of the last year.

Long-term liquidity ratio of the banking system (assets with terms more than two years / financial resources with potential withdrawal term of over two years ≤ 1) recorded a level of 0.7. Current liquidity within the system (liquid assets, denominated in cash, deposits with the NBM, liquid securities, and net interbank credits with maturity up to one month / total assets × 100% ≥ 20 percent) accounted for 31.6 percent. The respective values of liquidity indicators show the existence of adequate sources to support the payments related to liabilities and to determine the durability of banks to possible external shocks.

The balance of deposits, according to the prudential reports, recorded the value of MDL 37287.1 million as at September 30, 2012, increasing by 14.0 percent as compared to the beginning of the year. In particular, the deposits of individuals increased by 15.1 percent, up to the level of MDL 23847.3 million, confirming the credibility in the banking system, and the deposits of legal entities by 12.8 percent, up to the level of MDL 11908.5 million.

In total deposits, the deposits in foreign currency constituted 44.4 percent and the deposits in national currency constituted 55.6 percent. Respectively, the aforementioned indicators increased by 9.3 percent as compared to the beginning of the year, up to the level of MDL 16560.5 million and by 18.5 percent, up to the level of MDL 20726.6 million, reflecting the credibility in the national currency.

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