Sber continues to master large budget expenditures, which have led to an abundant influx of customer money.

But some problems are already visible on the horizon.

Picture 1.

Capital adequacy is on the verge of compliance with the dividend policy.

And the liquidity reserve is minimal for many years.

Picture 2.

... Читать дальше »

Credit growth resumed after the Central Bank raised its key interest rate.

Thus, banks do not consider the size of this key rate to be an obstacle.

Russian budget flies into space.

It was not easy to find this indicator because I did not find it on the Eurosystem portal.

But it can be extracted from the ECB's balance sheet.

To find it, you need to add up the currency in circulation and the ECB’s liability to euro area credit institutions related to MPOs( monetary policy operations).

So I have done it.

Figure 1.

This helps us calculate the speed of the p ... Читать дальше »

The consumer price index in the United States does not correspond to the Fed's views, so expectations of a rate cut are very optimistic.

China's central bank remains strict and unyielding.

The company has a very good financial condition, but it saves money on dividends.

Thus, the stock market, when money is in value, does not value shares by FCF.

The central bank monitors average inflation, and since historically the direction of inflation is downward, the average value is always higher.

A useful comparison of the monetary base, IMOEX, dollar exchange rate and inflation on the same chart.

Before discussing the prospects of individual banks, we must assess the situation in the sector as a whole.

The banking sector has accumulated a lot of risks, which can be reflected in the graph below.

Fig.1.

The ratio between M2 and the monetary base characterizes the gap between loans issued and available free money.

Thus, banks depend on Central Bank money, which is very expensive.

And the next steps that could be expected from banks are either reducing loans and accumulating ca ... Читать дальше »