Bank ZENIT was formed in December 1994 by the Academy of National Economy under the Government of the Russian Federation, Tatneft Oil Company and a number of other legal entities. The Chairman of the Bank's Board of Directors was Mr Alexey A. Sokolov , one of the Bank's founders. In May 2015, Mr Nail U. Maganov, Chairman of the Management Board of OJSC "Tatneft" named after V.D. Shashin, was appointed Chairman of the Bank's Board of Directors. The Chairman of the Bank's Management Board is Mr Oleg A. Mashtalyar, appointed in November 2017.
Bank ZENIT sees provision of a full range of corporate services as one of its major business lines. Bank ZENIT actively develops and promotes retail services and offers its retail clients a full line of banking products, including deposits, mortgage loans, consumer loans and car loans, bank cards and safe deposit boxes. Also, the Bank holds a strong position on the private Banking.
Bank ZENIT holds the following ratings from international ratings agencies: Ba3/Positive (from Moody's) and BB/Stable (from Fitch).
Being an active debt market player, Bank ZENIT has successfully completed the projects of raising ten international syndicated loans, placing two Eurobond issues (the debut and second issues were repaid in 2006 and 2009 respectively) and eighteen issues of the Bank's ruble-denominated bonds. There are now four classic bonds and six exchange-traded bonds issued by Bank ZENIT in circulation. Bank ZENIT's bonds are included in Quotation List A, Level 1, of the CJSC "MICEX Stock Exchange" and in the Lombard List of the Bank of Russia, which is another confirmation of Bank ZENIT's high level of reliability and financial stability.
Being a member of the Association of Russian Banks, represented in the Council of the Association, Bank ZENIT actively participates in the reforms underway in the Russian banking sector.
The Bank is involved in charity and sponsorship activities supporting sports, such as ice hockey, rugby, rafting, sporting and auto racing. In addition, the Bank successfully carries out the charity projects aimed at supporting children and children's institutions.
About ZENIT Banking Group
Banking Group ZENIT was formed in 2005 as a result of the acquiring by Bank ZENIT of a controlling stake in JSB Devon-Credit (OJSC, currently PJSC). In 2007, the Banking Group acquired OJSC Lipetskkombank (currently PJSC) and JSB Sochigazprombank LLC (later renamed into Bank ZENIT Sochi, currently JSC). OJSC Spiritbank (the city of Tula, currently PJSC) joined the Group in December 2008.
According to the consolidated financial statement of the Banking group for 2013, made in accordance with IFRS, Tier 1 capital of the Banking group amounts to RUR 28,7 bn, assets amount to RUR 299,9 bn.
The Banking Group ZENIT maintains presence in 27 out of 85 Russian regions. Its proprietary sales network has 172 branches. The Group provides full-scale banking services along the following lines: comprehensive servicing of corporate customers; retail servicing of individuals; investment banking; and interbank business.
- Bank Cards
- Deposits and Investments
- Cash Loan
- Mortgages
- Repayment of Loans
- Service Packages
- Safe Deposit Boxes
- Premium Banking
- Remote Services
- Insurance
Ratings
from the leading international
and national rating agencies
Investor
Relations![]()
2018
2017
2016
2015
| Event | Address | Date |
|---|---|---|
| Kesko Capital Markets Day 2018, Helsinki | Handelsbanken’s Nordic Mid/Small Cap Seminar, Stockholm | 24.05.2018 |
| Year 2018 3-month interim report | Handelsbanken’s Nordic Mid/Small | 24.05.2018 |
| Kesko Capital Markets Day 2018, Helsinki | Handelsbanken’s Nordic Mid/Small Cap Seminar, Stockholm | 24.05.2018 |
| Kesko Capital Markets Day 2018, Helsinki | Handelsbanken’s Nordic Mid/Small Cap Seminar, Stockholm | 24.05.2018 |
ZENIT Banking Group has published its interim condensed consolidated financial information prepared in accordance with International Financial Reporting Standards for the nine-month period ended 30 September 2018 and Report on review of interim condensed consolidated financial information issued by an independent auditor.
ZENIT Banking Group reported a positive financial result of 703 million rubles for the nine-month period ended 30 September 2018. During the nine months ended 30 September 2018, net operating income grew by 11.4% year-on-year, up to 7,195 million rubles.
This positive financial result was mainly driven by a 3.5% increase in net interest income, despite the continued overall decrease in market rates and reduced provision charges (an overall decrease in all items reflecting the change in the credit risk from financial instruments was 263 million rubles or 12%).
During the ninth-month period ended 30 September 2018, the Group’s annualized net interest margin (NIM) grew to 3.7%, up from 3.4% in 2017, driven by a relatively cheap funding base and improved profitability of operations.
The Group remains focused on reducing its reliance on finance raised in the debt capital markets. A portion of funds in total liabilities raised by the issue of debt securities fell to 3.7% as at September 30, 2018, compared to 7.5% as at December 31, 2017.
The Group continued its efforts taken in 2017 to improve the quality of its loan portfolio, which enabled it to retain cost of risk (COR) at 2017 levels (1.8% during the nine-month period ended 30 September 2018 compared to 2% in 2017). A portion of Stage 2 and Stage 3 loans under IFRS 9 in the total loan portfolio decreased to 15% (January 1, 2018: 29%), the ratio of such loans to capital was 101% (at the beginning of 2018: 198%).
The Group has significantly grown its liabilities due to increases in customer accounts (a growth by 7.6% during the ninth-month period ended 30 September 2018).
ZENIT Banking Group maintains high capital adequacy ratios. The total capital adequacy ratio and Tier 1 capital adequacy ratio calculated in accordance with the requirements of the Basel Accord were 15.0% and 9.9% respectively (compared to the statutory capital adequacy ratios of 8.0% and 6.0% respectively).
Return on equity (ROE) was 3.8% during the nine-month period ended 30 September 2018; meanwhile, all key indicators remained in line with or above the targeted levels set out in the Three-Year Strategy.
Bank ZENIT’s credit ratings
In December 2017, RAEX Rating Agency (Expert RA) assigned to Bank ZENIT a credit rating of 'ruА-'. The outlook is stable.
On 20 February 2018, Moody’s Investors Service affirmed the Bank’s 'Ba3' long-term foreign-currency deposit rating and changed to positive from negative the outlook on this rating.
In December 2017, Fitch Ratings affirmed long-term foreign-currency issuer default rating at 'BB' with a stable outlook.
ZENIT Banking Group has published its interim condensed consolidated financial information prepared in accordance with International Financial Reporting Standards for the six months ended 30 June 2018 and Report on review of interim condensed consolidated financial information issued by an independent auditor.
ZENIT Banking Group reported a positive financial result of 618 million rubles for the six months ended 30 June 2018 (during six months ended 30 June 2017: 645 million rubles). Net operating income grew by 9.6% year-on-year during six months ended 30 December 2018.
This positive financial result was mainly driven by a 10% increase in net interest income, despite the continued overall decrease in market rates (4.5 billion rubles during the six months ended 30 June 2018 compared to 4.1 billion rubles in the six months ended 30 June 2017).
During six months ended 30 June 2018, the Group’s annualized net interest margin (NIM) grew by 3.8%, up from 3.4% in 2017, driven by a cheaper funding base and improved profitability of operations.
The Group remains focused on reducing its reliance on finance raised in the debt capital markets. A portion of funds in total liabilities raised by the issue of debt securities fell to 5.5% as at June 30, 2018, compared to 7.5% as at December 31, 2017.
The Group continued its efforts taken in 2017 to improve the quality of the loan portfolio, which enabled it to retain cost of risk (COR) at 2017 levels (1.9% during six months ended 30 June 2018 compared to 2% in 2017). Provisions for impairment of NPL90+ remain at a high level (239%, which is significantly higher than the market average). A portion of Stage 3 loans under IFRS 9 in the total loan portfolio remained at the levels of the first quarter of 2018.
The Group has significantly grown its liabilities due to increases in customer accounts (a growth by 8 billion rubles, or up by 4.7% during six months ended 30 June 2018).
ZENIT Banking Group maintains high capital adequacy ratios. Total capital ratio and Tier 1 capital adequacy ratio calculated in accordance with the Basel accord were 14.6% and 9.7% respectively (compared to the statutory capital adequacy ratios of 8.0% and 6.0% respectively).
Return on equity (ROE) was 5.0% during six months ended 30 June 2018; meanwhile, all key indicators remained in line with or above the targeted levels set out in the Three-Year Strategy.
Bank ZENIT’s credit ratings
In December 2017, RAEX Rating Agency (Expert RA) assigned to Bank ZENIT a credit rating of 'ruА-'. The outlook is stable.
On 20 February 2018, Moody’s Investors Service affirmed the Bank’s 'Ba3' long-term foreign-currency deposit rating and changed to positive from negative the outlook on this rating.
In December 2017, Fitch Ratings affirmed long-term foreign-currency issuer default rating at 'BB' with a stable outlook.
In 2017 net loss of ZENIT Group declined by 8 times in comparison with 2016. Pursuant to established 3-year development strategy in February 2018, since the beginning of 2018 ZENIT Banking Group expects positive financial results.
Corporate
Governance![]()
The Management Board is the Bank's collegial executive body that rules the Bank's daily operations. The Bank's Management Board is comprised of the Management Board Chairman, his deputies and other Board members.
The Board of Directors of PJSC Bank ZENIT exercises overall direction of the Bank's operations, except for the matters within the competence of the General Meeting. The Board of Directors' role includes issues enumerated in the Federal Law «On Joint-Stock Companies» and the Bank's Charter.
Chairman of the Board of Directors of Bank ZENIT.