The credit rating of MARITIME BANK (hereinafter, MARITIME BANK, or the Bank) is based on the below-medium business profile, satisfactory risk profile and funding and liquidity position, as well as strong capital adequacy. The rating is constrained by intragroup risk factors.
The rating outlook has been changed to Negative to reflect ACRA’s opinion that the Bank’s actual and projected ability to generate capital out of profits is worsening, given this year’s loss and dividend payouts in 2024, as well as that the operational efficiency and capital adequacy metrics are declining.
Moscow-based MARITIME BANK is a small bank in terms of assets. It focuses on corporate clients, in particular clients in the maritime and river transportation industries. According to ACRA’s estimates, the Bank is among the top 200 Russian banks in terms of equity and assets.
KEY ASSESSMENT FACTORS
The below-medium business profile assessment reflects the Bank’s relatively small size compared to the banking system of Russia, as well as the ongoing adaptation of the Bank’s operations and strategic vision to the changed business environment. The diversification of the Bank’s operating income worsened to some extent in H1 2025 compared to 2024 against the backdrop of a falling share of forex income and a growing share of interest income from investments in securities. The current organizational structure and the experience of the management team updated after the renewal of the strategy match the Bank’s development goals and accepted risks.
The assessment of the Bank’s capital adequacy has been maintained strong. The 5-year averaged capital generation ratio (ACGR), calculated in accordance with ACRA’s methodology, exceeded 30 bps. The main reason for the decline is significant dividend payments made by the Bank in 2024. The ACGR may also be negatively affected in case the Bank remains unprofitable this year.
As of July 1, 2025, capital adequacy metrics were relatively high (the N1.2 ratio at 17.4%), however, they are declining this year on the back of dividend payments and a loss suffered this year.
The credit risk absorption capacity over the 12–18-months horizon is still assessed as high. ACRA’s stress test that includes a projected growth of the loan portfolio showed that the Bank is capable of withstanding an increase in the cost of risk (above 500 bps) without breaching the N1.2 ratio.
The net interest margin (NIM) decreased slightly in comparison with peer banks, which is mainly due to a decrease in the net interest income. The average value of the cost to income ratio (CTI) calculated over the past three years has deteriorated against the background of a decrease in the profitability of the Bank’s operations, in particular the volume of income from foreign exchange transactions. At the same time, the Bank’s unprofitability expected this year is likely to negatively affect the operational efficiency and capital adequacy.
The satisfactory risk profile assessment has been maintained. The Bank’s assets mainly include funds held in banks and financial institutions and investments in securities (totally, about 80% of net assets as of July 1, 2025). The share of non-performing assets in the loan portfolio exceeded 65% (as of July 1, 2025), however, these loans are almost completely reserved by the Bank. The credit quality of assets outside the Bank’s loan portfolio is satisfactory. The quality of the securities portfolio on the Bank’s balance sheet is quite high.
The levels of market and operational risks are acceptable and do not influence the risk profile assessment. The management quality score is currently neutral for the risk profile.
Satisfactory funding and liquidity position. As of July 1, 2025, the Bank was capable of withstanding a substantial outflow of client funds in both ACRA’s base case and stress scenarios. The long-term liquidity score is adequate. The concentration of funding on the largest clients has remained almost unchanged since the previous year. The share of corporate funds in the funding sources has declined slightly but is still dominant (over 60% of liabilities).
ACRA has also made a downward adjustment to the Bank’s credit rating given the degree of dependence of the Bank and the key shareholder on homogenous risk factors. The shareholders have full strategic and operational control over the Bank. The key areas of the Bank’s activities do not belong to the strategic priorities of the parent institution. In the Agency’s opinion, it is likely that the Bank’s capital will be reallocated in line with the intra-group capital management procedures, which is confirmed by actual dividend payments to shareholders.
KEY ASSUMPTIONS
- The Bank developing in line with its current strategy and business model within the 12 to 18-month horizon.
POTENTIAL OUTLOOK OR RATING CHANGE FACTORS
The Negative outlook assumes that the rating may be downgraded on the 12–18-months horizon.
A negative rating action may be prompted by:
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Much worse capital adequacy metrics and declining capital generation capacity;
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Deteriorating liquidity position, including due to continued outflow of client funds.
A positive rating action may be prompted by:
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Confirmation of the efficiency of the Bank’s development model in the current lines of business, and maintaining the asset quality and operating income diversification;
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Lower concentration on the largest funding source.
RATING COMPONENTS
Standalone creditworthiness assessment (SCA): bb.
Adjustments: none.
Support: minus one notch.
ISSUE RATINGS
There are no outstanding issues.
REGULATORY DISCLOSURE
The credit rating has been assigned to MARITIME BANK under the national scale for the Russian Federation based on the Methodology for Credit Ratings Assignment to Banks and Bank Groups under the National Scale for the Russian Federation, Methodology for Assigning Credit Ratings with External Support, and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.
The credit rating of MARITIME BANK was published by ACRA for the first time on June 1, 2018. The credit rating and its outlook are expected to be revised within one year following the publication date of this press release.
The credit rating was assigned based on data provided by MARITIME BANK, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS financial statements of MARITIME BANK and the financial statements of MARITIME BANK drawn up in compliance with the requirements of the Bank of Russia. The credit rating is solicited and MARITIME BANK participated in its assignment.
In assigning the credit rating, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.
ACRA provided no additional services to MARITIME BANK. No conflicts of interest were discovered in the course of credit rating assignment.
