The credit rating of Joint Stock Company “LOCKO-Bank” (hereinafter, LOCKO-Bank or the Bank) is based on the satisfactory assessment of its business profile, strong capital adequacy, and adequate assessments of the risk profile and funding and liquidity position.
LOCKO-Bank is a universal bank that is among the 50 largest Russian banks in terms of assets and capital. The principal lines of the Bank’s business include retail lending (mainly car loans and consumer loans), personal banking, providing guarantees and loans to participants of the government procurement market, and rendering cash and settlement and foreign economic activity services to companies and sole proprietors. The Bank is also active in the securities market. The Bank’s funding sources are primarily retail deposits and funds placed by personal banking clients.
Key assessment factors
Satisfactory business profile (bbb-). LOCKO-Bank’s strategy remains focused on gradual expansion of business mainly in the retail collateral segment, paying specific attention to personal banking services and providing bank guarantees. ACRA assesses the diversification of operating income and business as moderate (the Herfindahl-Hirschman index was 0.33 in 2025). The quality of corporate governance is consistent with the scope and objectives of LOCKO-Bank’s activities. The macroeconomic assumptions included in the strategy are adequate.
The strong capital position is based on high capital adequacy ratios under both Basel requirements and national standards (N1.2 was 13.9% as of May 1, 2026, while the average for the past 12 months is 14.1%), which indicates the Bank’s ability to withstand an increase in the cost of credit risk above 500 bps. The ability to generate capital remains high: the averaged capital generation ratio (ACGR) calculated for the past five years continues to exceed 250 bps, despite regular payments of dividends. CTI (cost to income) and NIM (net interest margin) calculated for the past three years are at a medium level for the group of peer banks.
The adequate assessment of the Bank’s risk profile stems from the good quality of the loan portfolio (45% of assets) and the debt securities portfolio (38% of assets) as of December 31, 2025. The share of non-performing and potential non-performing loans in the portfolio continued to grow over the past 12 months, but remains at an acceptable level (9.7%). The collateralization of loans, including consumer loans, remains rather high (around 80%) thanks to the Bank’s focus on secured lending. At the same time, the concentration of the loan portfolio on the largest groups of borrowers and high-risk industries continues to be low, while the credit quality of the portfolio of contingent liabilities remains rather high.
The quality of the Bank’s securities portfolio, which largely includes OFZs, is generally assessed as high. The amount of market risk continues to be rather volatile and depends on changes to the market situation, but remains at an acceptable level (no more than 75% of Tier 1 capital, as per ACRA’s methodology).
Adequate funding and liquidity position. As of December 31, 2025, LOCKO-Bank demonstrated surplus short-term liquidity in ACRA’s base case scenario and a slight deficit in its stress scenario. As before, the long-term liquidity shortage indicator (LTLSI) is assessed as strong (over 85%). In addition, if necessary, the Bank can obtain liquidity, including through repurchase transactions.
Funds of individuals, including high net worth clients and sole proprietors, continue to be the largest source of funding — their share is largely unchanged over the past 12 months and amounts to around 56% of liabilities. At the same time, the share of funds obtained from CCP NCC (ACRA rating: AAA(RU), outlook Stable) is, like last year, significant at around 33% of liabilities. The concentration of the resource base on funds of the largest group and 10 largest groups of lenders (excluding funds raised with the participation of the central counterparty) is assessed as low.
Key assumptions
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Pursuing the current business model within the 12 to 18-month horizon;
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NIM maintained at the market average;
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Tier 1 CAR remaining high.
Potential outlook or rating change factors
The Stable outlook assumes that the credit rating will highly likely stay unchanged within the 12 to 18-month horizon.
A positive rating action may be prompted by:
- Stronger franchise of the Bank and sustainable maintenance of asset quality (including with respect to the share of non-performing and potential non-performing debt, loan portfolio growth rates, and market risk not exceeding 75% of Tier 1 capital) and no deterioration of the liquidity position.
A negative rating action may be prompted by:
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Growth rate of loan issuances significantly exceeding the market average and/or worse loan portfolio quality;
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Accepted market risk exceeding 75% of Tier 1 capital;
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Deterioration of the liquidity position and/or funding.
Rating components
Standalone creditworthiness assessment (SCA): a-.
Issue ratings
There are no outstanding issues.
Regulatory disclosure
The credit rating has been assigned to Joint Stock Company “LOCKO-Bank” based on the following methodologies: the Methodology for Assigning Credit Ratings to Banks and Bank Groups under the National Scale for the Russian Federation to calculate the SCA and determine the credit rating and the credit rating outlook of Joint Stock Company “LOCKO-Bank” under the national scale for the Russian Federation and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities to ensure consistent and uniform application of ACRA’s methodologies, rating scales, models, and key rating assumptions.
The credit rating of Joint Stock Company “LOCKO-Bank” assigned under the national scale for the Russian Federation was published by ACRA for the first time on August 16, 2017.
The credit rating was last published on June 19, 2025.
The credit rating and its outlook are expected to be revised within one year.
The credit rating was assigned based on data provided by Joint Stock Company “LOCKO-Bank”, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS accounting (financial) statements of Joint Stock Company “LOCKO-Bank” as of December 31, 2025 and the financial statements of Joint Stock Company “LOCKO-Bank” drawn up in compliance with the requirements of the Bank of Russia.
The credit rating is solicited and Joint Stock Company “LOCKO-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 Joint Stock Company “LOCKO-Bank” during the year preceding the rating action.
No conflicts of interest were discovered in the course of credit rating assignment.
