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Dmitry Leus: “The Development of the Russian Regions is Our Means of Survival” part 2 

24 ноября 2015
297

Российский рынок инвестиций в редкие монеты активно развивается, по данным нумизматического инвестиционного фонда Monetarius.Capital число коллекционеров редких монет инвесторов за последние 10 лет в России выросло в 4 раза! Как говорится – спрос рождает предложение, и следовательно формирует цену. Особо привлекательные с точки зрения инвестора советские монеты росту в цене от 30% до 100% в год, среди таких высоколиквидных редких монет стоит отметить монеты для обращения 1970 года. Тираж таких монет крайне маленький, что делает их желанными в любой коллекции и инвестпортфеле. 

12 ноября 2015
79

- Dmitry Isaakovich, there is a general belief that small banks must specialize in order to be successful. On the other hand, you offer a relatively broad product line and behave like a universal bank. Why did you choose such a strategy? - Dmitry Leus: The truth is that we are not a universal bank in the full sense of the term, as our main focus is still in retail banking. But our retail offering is universal indeed – mortgage loans, car loans, overdraft loans, and other consumer lending products. When it comes to loans for small and medium-sized enterprises (SME), we currently adopt a more cautious approach. I am not saying that we are not working at all in that sector, but corporate lending requires a more complex analysis of our customers. In addition, the last two years have seen defaults mostly in the sector of SME lending. On the other hand, an analysis of default statistics shows that mortgage lending is a relatively safe product. Unfortunately, it is impossible to survive from mortgages only, due to lower profit margins in this segment. - Can you tell us more about the mortgage lending market? Are you working with the Agency for Housing Mortgage Lending (AHML), an institution studying the international experience of mortgage lending in order to introduce best practices into Russia? - Dmitry Leus: AHML requires its partners to fulfil certain criteria. However, in my opinion, a large part of our country does not meet these criteria. Unfortunately, unofficial revenues still constitute an important part of the Russian economy. In general, the belief that credit should only be awarded based on documented income is misguided. Take a 15-year mortgage – who in our country can look back to a 15-years track record within one single company? The focus should therefore be on the collateral. If a loan can be justified in light of the collateral, then less attention should be given to the income history of the creditor. - Does that mean that you raise capital based on your liabilities? - Dmitry Leus: Correct. We basically use deposits when lending, in addition to the Bank’s capital, of course. - Is this not too risky? A bank’s liabilities are of a short-term nature, as deposits may be withdrawn at any moment. A bank’s assets, however, often take years to mature. - Dmitry Leus: I do not deny that there is a certain risk involved. Nevertheless, on average, a mortgage loan’s maturity amounts to 5 years. In addition, any loan, even if it hasn’t been awarded according to AHML standards, may be ultimately sold. Sberbank, for instance, offers such programmes, as well as the other banks. There are also partner programmes that allow raising liquidity when necessary. But for us this is the last resort, because it is not our goal to work as an agent. We intend to preserve our client base and to offer them the products and services they ask for.  

20 ноября 2015
36

Автор: Леус Дмитрий Исаакович 24.11.2015 Главным достоянием Татарстана можно считать Татнефть, в Башкирии – Башнефть, то в Республике Якутия – это Алроса. Компания Алроса — лидер мировой добычи алмазов, с долей рынки чуть менее 30%, у основного конкурента, компании De Beers, она меньше. К тому же компания De Beers частная, не торгуемая на бирже, а Алроса недавно провела успешное IPO, и цена на акции в несколько раз выросли, забегаю вперед скажу, что сейчас они находятся в стадии коррекции, но об этом позже. Основные алмазодобывающие мощности находятся в Якутии, запасы сырья у компании значительные. Ежегодно компания увеличивать производство алмазов, вытесняя своих конкурентов с рынка, т.к. обладает значительно более низкой себестоимость добычи, а после девальвации, затраты ещё стали ниже, так как основной сбыт продукции идет за доллары. Рентабельность по EBITDA выросла до значений выше 50%, что дает возможность генерировать не плохую прибыль. В настоящее время на рынки алмазов наблюдается снижение спроса, как результат падение цены, что не могло не сказать на котировках акций компании (см. рисунок №1). Которые упали с уровня 84 рублей, до текущего значения в 50 рублей. Однако не только это повлияло на снижение, больше похоже на то, что выходит какой-то крупный игрок, возможно решив зафиксировать свою прибыль, или под негативным влиянием санкций. Игрок, распродав последнее, снимет гнёт и акции компании смогут выстрелить стремительно вверх, после преодоления линии снижающегося тренда. Дмитрий Леус Алроса, инвестиции от Дмитрий Леуса Рисунок №1. Котировки акций Алроса в 2015 году. На график котировок акций не попала линия поддержки, находящая на уровне 48 рублей, при достижении которой и стоит покупать акции. Оптимальным считается покупка акций надо на дне, чтобы получить максимальную прибыль от вложений. Многие допускают ошибку, покупая на пиках, и обжегшись, больше никогда не вкладывают в акции на фондовой бирже. Перспективы у компании очень хорошие, если бы не дальнейшее снижение рубля, то по итогам текущего года компания могла показать рекордную прибыль, около 100 миллиардов рублей, но девальвация благо для компании, как я уже писал выше. И вполне возможно в 2016 году мы увидим прибыль ещё выше, я допускаю возможность увидеть и 120 миллиардов рублей! А с учетом того, что дивидендная политика компании предусматривает выплату дивидендов в размере 35% от чистой прибыли по МСФО, они будут более чем достойными. Несмотря на то, что компания №1 по добычи в мире алмазов, она продолжает расти, собираясь в течении ближайших 3-5 лет увеличить добычу ещё на 20% от текущих уровней. Конкуренты же не вкладывают в своё развитие, разработка новых алмазных шахт, очень затратное дело и значительное по времени, да и нету сейчас таких месторождений в мире. Нынешние месторождения истощаются, и уже в 2017 году будет наблюдаться дефицит, и с годам он будет только расти. У Алросы имеется солидный запас уже добытых алмазов на складе, по самым скромным подсчетам, составляющий порядка 50 миллиардов рублей! А ещё компания намеревается в ближайшее время продать, свою газодобывающую дочку Роснефти, выручив за неё 50 – 60 миллиардов рублей. Если вы ещё раздумываете, то стоит поспешить, как долго мировой лидер по добычи алмазов будет торговать на уровне меньше четырех годовых прибылей, сказать сложно, но думаю что это не надолго. 

27 ноября 2015
34

Bank goes public The Bank’s annual meeting of shareholders has decided to issue new shares 18.07.2013, 12:49 Bank actively grows its capitalization: an increase of RUB 971m already took place in March this year. On May 23, the annual meeting of the Bank’s shareholders further resolved to raise funds amounting to RUB 2.5bn by issuing new shares. We have spoken with Dmitry Leus, Chairman of Bank , about how the Bank plans to invest the new funds and what rate of return investors may expect. A RETURN ON INVESTMENT OF UP TO 40 PERCENT - Dmitry Isaakovich Leus, which are the main parameters of the share issue? - Dmitry Leus: The annual meeting of shareholders resolved to issue 2.5 million additional shares at a nominal price of 1 rouble. The Bank may thus raise RUB 2.5m in new funds, thereby increasing its capital base by 127%. As a result, Bank ’s overall capitalization will amount to RUB 5.5bn. We plan to place these new shares on the Moscow Stock Exchange in open subscription. - What is the objective of the current shareholders in conducting an IPO? - Dmitry Leus: The Bank is actively expanding. Its retail loan portfolio grew 2.5 times, its total assets amount to RUB 23.1bn. To take it a step further, Bank needs fresh investments. A public placement will provide us with more favourable refinancing conditions and may even lead to bond placements in the future... - How did you come to this conclusion? - Dmitry Leus: We have invested heavily in the Bank’s infrastructure. Since November 2012, we have actively expanded our branch network and have opened over 21 regional offices. Overall, the Bank currently has a network of 70 branches stretching from Kaliningrad to Novosibirsk, and from Surgut to Gelendzhik. We have equally transformed the Bank’s governance by implementing a matrix model of management (more than one reporting line). Our regional offices function like hubs headed by local banking experts. In addition, branches have received a unified format and branding with an equally unified client service using Group standards. We have centralized HR procedures and our employees are highly incentivized. - What rates of return may investors in Bank expect? - Dmitry Leus: Since the beginning of the year, the Bank earned 30% on its capital and there is significant potential for future growth. The Bank’s top management is targeting returns of 35 to 40% over the next two years. This is our current roadmap - a revised version of our long-term strategy will soon be published. - This is the first time you raise public capital. What type of investor do you plan to attract? - Dmitry Leus: The Bank’s business is sufficiently transparent to being accessible to a wider audience. For the moment, the shareholders of Bank are its top management. We are also in negotiations with a number of institutional investors. - What is Bank ’s competitive advantage? What makes it attractive for potential investors? - Dmitry Leus: The Bank’s business is very transparent and easy to apprehend. Every month, over 10 000 Russian citizens become our new clients. These are individuals and small to medium-sized businesses. This trend is accelerated by an increased presence of points of sale all across the Russian regions, thereby doubling our customer base. Our clients are becoming more loyal and have recourse to more than one product over a longer service period. Alongside an increase in productivity, we observe that the profit share stemming from our non-interest business is rising too. PENSIONERS MORE DISCIPLINED THAN YOUNG PEOPLE - Let us speak about the Bank’s core business in more detail. How does the Bank generate profits? - Dmitry Leus: In February 2012, the Bank presented a strategic plan focusing on high-yield product lines. Traditionally, our main profit centre was in the domain of consumer lending. Our corresponding credit portfolio constitutes approximately RUB 8bn, with monthly new lending volumes ranging from RUB 700m to 1bn or, alternatively, 8500 new credits each month. In this segment earnings derive largely from the Bank’s commission and interest business. The commissions do not derive from arrangement fees (as this is against the law in Russia), but rather from the insurance component within a loan. Credit insurance is not mandatory, but we incentivize clients to buy insurance by substantially lowering their interest rate in return. The insurance component constitutes 18.8 to 18.9% of all consumer loans. Put differently, if we award RUB 700 to 1bn in credits per month we expect approximately RUB 180m in commissions income from these transactions. On the other hand, our interest rates for credits vary depending on factors such as the client’s overall assets and liabilities, his income situation, age, in addition to other indirect indicators calculated by our credit analysts. - Does the Bank engage into other forms of lending? - Dmitry Leus: Of course. Our portfolio of mortgage loans amounts to RUB 1bn, not including RUB 100m in car loans. We continue to lend to small and medium-sized businesses. However, as you can see, the Bank’s strategic orientation is directed at high-yield loan products. - Consumer lending is a risky business indeed. What is your default rate? - Dmitry Leus: Our default rate is not higher than 6%. Bearing in mind that our consumer lending portfolio is of relatively short existence (1 year), we consider this number as high. We try to create a system of internal incentives keeping default rates at a minimum. Also, we have created appropriate IT systems to monitor loans in default and constantly work on our soft-collection department which works successfully in identifying and resolving issues with late payers. We are also speaking to the 5 largest domestic collection agencies. Accordingly, the situation is under control. Our consumer loans come at a rate ranging between 50 and 60% p.a. (broken down into a minimal credit rate of 36.9% plus the credit insurance component of approximately 19%). We tailor our credit products to market requirements and the composition of our internal credit portfolio. - Who is your typical client? - Dmitry Leus: There are two categories of clients: we sell our normal “” loans to clients between the age of 23 and 65. Pensioners up to the age of 80 may profit from our “Pensioners” loans. I may add that we consider pensioners as our best clients. They have few liabilities and possess a very high repayment discipline. In practice, pensioners return loans by far more responsibly than our younger clients. - What is the approval rate for consumer loans? - Dmitry Leus: We approve only about 20% of all applications we receive (whereas our competitors consider approval rates of 40% as “conservative”). In the beginning, an application lands on the desk of our scoring experts who use various databases and mathematical models in their analysis. Then the credit application is passed over to our analytical team. Next, during the verification process (which we conduct for all credits regardless of amounts), we ask the potential borrower to provide us with two mobile and two land-line telephone numbers (private and work), which we call... When calling the client’s employer we also use an alternative number we usually take from the telephone directory or any other open source. - How do you verify pensioners? - Dmitry Leus: The process is almost identical. We have a method which gives us access to average pension payments per region. If we are not dealing with military pensions, average pension payments in Russia do not exceed RUB 5000 (USD 152) per month. Obviously, we don’t call their employers, even if they are still working (unofficially). However, we do call their neighbours and close relatives. We may also want to speak to their children about the usefulness of a loan. CALL CENTRES AS MAIN SALES DRIVERS - How does the Bank stay in touch with its clients? - Dmitry Leus: We work very closely with our clients. In the wake of the reorganization of our back office, we have created a client service centre in Voronezh, comprising a contact centre, our credit analysis team, the IT department, and operations. A year ago, we have created a full-fledged call centre performing client advisory, sales, and after-sales functions. In our Bank the main sales agent for new loans is the call centre. Thus, the client has the opportunity to submit his credit application by telephone. The actual signing takes place at a later stage when the client is physically in the Bank. Let me add that our centre is very efficient. Two thirds of the 1500 credit requests we receive daily come in through the call centre. When a credit has been awarded our quality management department enters the scene. Their task is not only to monitor client satisfaction, but also to identify default risk at an early stage. Thus, we usually give new borrowers a short welcome call and ask them whether they have taken good note of the credit agreement. In case their phone does not answer for five days, we contact our security desk. This enables us to immediately address cases of fraud. - How manageable is the structure of the Bank? - Dmitry Leus: We use video surveillance systems allowing us to see what happens in any branch of our regional network. Our specialists from quality management provide real-time evaluation of our staff’s behaviour during client meetings and the on-boarding process. A bank is first and foremost a service provider and we are well aware that only high-quality service deserves customer loyalty. - Is it very important for you to have real-time access to the Bank’s processes? - Dmitry Leus: Yes, I think this is important, also in view of identifying any shortcomings at an early stage - before they become systemic. In addition, the system informs me about the number of credits awarded in every branch [Dmitry Leus turns around the screen of his computer where constantly changing numbers appear...]. The computer system allows us to monitor the effectiveness of the Bank’s newly created regional branches on-line. For example, as at April 29, fresh loans amounting to RUB 610m were issued. If we multiply this amount by 18.8% we get RUB 116m in gross revenues. If we subtract from this amount costs of goods sold (approximately RUB 80m) and loan loss reserves, we get the Bank’s net profits. Bottom line, the Bank’s centralized system provides decision makers with an objective source of information and may correct the regional management’s actions if need be. We conduct conference calls with the regional leadership on a daily basis... CHATTING WITH THE BANK - Which growth perspectives do you see for the future? - Dmitry Leus: Going forward we intend to actively develop a number of new financial products. One of them is a lending product for small and medium-sized businesses which is in the launch stage now. For historical reasons, we have a well-balanced mortgage loan portfolio we would like to grow further should we be able to attract funding at comfortable rates. In addition to cash loans, we would also like to grow credit card loan solutions and plan market-entry strategies by October this year. Currently, we are developing our own payment processor for credit cards and plan to integrate it into the existing IT infrastructure. - Such projects require substantial marketing efforts. - Dmitry Leus: Correct. The Bank invests considerably into marketing - approximately RUB 8.5m per month. Hence, every credit application the bank approves “amortizes” RUB 1000 in marketing costs. As we lend massively in the Russian regions we used to advertise on Russia-1, a TV channel with many regional variations, but we didn’t include Moscow and St. Petersburg. When promoting credit cards we will also use TV as a medium, but we shall mainly have recourse to the internet and social networks when promoting credit card lending. - Will there be changes on the Bank’s internet site? - Dmitry Leus: Of course. For the moment, we only sell loans via our internet site. The next step will be to accept deposits on-line too. We also intend to link the Bank’s internet site to social networks and provide on-line chat rooms with client managers. By the end of this year, our customers will be able to communicate with their banker via Skype... Oleg Potapov  

20 января 2016
33
Dmitry Leus
Dmitry LeusБизнес

Dmitry Leus: “If income allows it, I advise early mortgage repayment” Buying a property is certainly not a situation when one should “jump in feet first”, in particular when it comes to taking out a mortgage. Which are the main points potential mortgage buyers should keep in mind? Suppose you decided to improve your housing situation: buy your own flat, move from a two-bedroom flat into a three-bedroom apartment, or move closer to the centre. The decision is taken..., but you cannot afford it. That is the exact moment when the concept of the mortgage comes to mind. Some view mortgages as a form of modern enslavement but, honestly, saving millions is a difficult task for common mortals. Of course, mortgages have their advantages and disadvantages. There are a lot of small but important details borrowers should know in order to avoid trouble. One thing is clear - on your road to the paradise of home owners, do not stop at the first bank, and do not blindly agree to all conditions. Take it or leave it In summer 2011, the mortgage market was very attractive for borrowers - thousands of offers, promotions, discounts, as lenders competed to win over customers. Then came fears over the possibility of a “second wave” of the crisis. And things on the mortgage market began to change... Currently, banks have started to raise interest rates on loans, including mortgages. For the moment the increase is still small, not over 1 percent, but that may change... “In the current macroeconomic environment, new home owners wishing to apply for a mortgage should act quickly”, recommends the Chairman of Dmitry Leus, justifying his position by expert opinion stating that interest rates are not expected to fall in the short to mid-term. Quite the opposite: “in fact, in crisis situations, banks not only tend to increase interest rates, but also to adopt more restrictive mortgage approval processes”, explains the banking specialist. “In other words, client applications run a greater risk of being rejected, as assumptions are tested against a more pessimistic scenario, and documentary evidence requirements with regard to client data such as income history undergo higher scrutiny”, says Dmitry Leus. “Many banks have begun to tighten credit conditions. This is the result of increased costs of credit resources. Better to jump on the bandwagon of low rates right now”, equally confirms Sergei Arzyantsev, Head of Mortgage Lending at Nomos Bank.  

17 декабря 2015
28