Russian banks catering to consumers are suffering from an increase in bad loans as a four-year credit boom sent personal debt levels to a post-Soviet record, according to Moody’s Investors Service.
OAO Sberbank, eastern Europe’s biggest bank, said third-quarter profit rose 8 percent, beating analysts’ estimates on higher fee income and lending to Russian households.
The ruble pared its fifth weekly decline amid rising prices for oil, rebounding from a drop that saw the central bank move back the level at which it intervenes for the fifth time this month.
Russia’s central bank will probably refrain from cutting interest rates for a 14th month after a surprise pickup in consumer-price growth last month hurt its struggle to slow inflation to within its target band.
Goldman Sachs Group Inc. raised $226 million selling stock in TCS Group Holding Plc’s initial public offering yesterday, cashing out almost two-thirds of its stake in the Russian consumer lender.
Alfa Bank’s Ukrainian unit repaid $108.5 million as the eighth and final tranche on its Eurobonds due 2012.
Alfa Bank, Russia’s largest private lender, is seeking a $160 million loan from four of its regular lenders, a person with direct knowledge of the deal said.
ZAO Alfa-Bank, the Ukrainian unit of Russian billionaire Mikhail Fridman’s Alfa Group, plans to increase its capital by almost 25 percent by selling additional shares.
Alfa Bank’s Ukrainian unit repaid $115.3 million as the sixth tranche on its Eurobonds due in 2012.
Alfa Bank’s Ukrainian unit purchased foreign currency-denominated mortgage and car loans from Delta Bank, Kommersant-Ukraine newspaper reported, citing the lender’s press office.