Belagroprombank JSC

Overview Key strengths Key risks Sound market position as Belarus' second-largest bank. Operating conditions challenged by sanctions and risks of capital controls imposition. Steady capital, funding, and liquidity support on the back of government ownership. Credit risk intensified by high concentration in agriculture. The bank's mission is to support economic developments in regions through provision of loans, including those at subsidized rates to state-owned strategically important Belarusian companies, predominantly involved in agribusiness, food, and processing. We think that Belagroprombank's loans to private small companies will only increase slightly as a share of total loans. Since 2023 the bank has sought more unsecured consumer loans and car loans, and we believe that the share of retail lending in its portfolio will

...We expect Belagroprombank to retain its market position as the largest lender to the strategically important agricultural sector benefiting from government's ownership and support. The bank's mission is to support economic developments in regions through provision of loans, including those at subsidized rates to state-owned strategically important Belarusian companies, predominantly involved in agribusiness, food, and processing. We think that Belagroprombank's loans to private small companies will only increase slightly as a share of total loans. Since 2023 the bank has sought more unsecured consumer loans and car loans, and we believe that the share of retail lending in its portfolio will continue to increase rapidly. Absent any additional sanctions, the bank should meet its financial obligations over the coming 12 months. Customer deposits represent its main funding source and are well diversified between corporate and retail deposits. We expect corporate deposits to remain broadly stable...

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