The credit rating of Bank GPB (JSC) (hereinafter, Gazprombank or the Bank) is based on the Bank’s strong and stable business profile, adequate capital adequacy assessment, satisfactory liquidity and funding position, and a satisfactory risk profile assessment. The rating is additionally supported by the possibility of Gazprombank receiving extraordinary support from the state.
The credit ratings of the bond issues (ISIN RU000A107A28, RU000A1087C3, RU000A1097S8, RU000A101Z74, RU000A102DB2, RU000A102GJ8, RU000A102LU5, RU000A104B46, RU000A105GW4, RU000A1064G3, RU000A107UA7), which are senior unsecured debt instruments, have been affirmed at AA+(RU). The credit ratings of the subordinated bond issues (ISIN RU000A101ER8, RU000A101EQ0, RU000A103K38), which are Tier 2 capital instruments, have been affirmed at A+(RU).
Gazprombank is one of Russia’s largest universal financial institutions that specializes in lending and other banking services for large businesses and develops its retail line of business, including private banking.
key assessment factors
The strong business profile is based on Gazprombank’s sustainable franchise in a number of segments of the banking services market of the Russian Federation (primarily in the area of servicing large businesses). The Bank is an industry leader in most segments. As of July 1, 2025, the Bank’s shares in the equity and assets of the banking system amounted to about 8% and 9%, respectively, as well as almost 15% of all corporate loans. ACRA believes that one of the Bank’s strongest competitive advantages is its close operational and strategic alliance with a major corporation that enjoys strong creditworthiness. The business profile assessment is further supported by the high quality of corporate governance and adequate development strategy. Income from corporate lending continues to account for the majority (over 70%) of operational income. At the same time, ACRA notes a slight improvement in the diversification of the Bank’s operational income structure.
The capital adequacy assessment is adequate, which reflects moderate capital adequacy metrics with a stable ability to generate capital. The H20.2 ratio was 9.31% as of July 1, 2025 (vs. 9.34% as of July 1, 2024). The value of the H1.2 ratio as of September 1, 2025 and September 1, 2024 was 8.05% and 8.26%, respectively. ACRA notes a decrease in net profit to RUB 72.3 bln in H1 2025, compared with RUB 121.2 bln for the same period in 2024. This is primarily explained by lower net interest income amid a prolonged period of high interest rates, as well as a moderate increase in credit risk amid a slowdown in economic activity in the country. Although the decrease in profitability limits the Bank’s ability to withstand an increase in credit risk in the event of a deterioration in the operating environment, the Agency expects Gazprombank’s marginality to recover against the background of monetary policy easing, which will mitigate the impact of this factor on the Bank’s creditworthiness.
The satisfactory assessment of the Bank’s risk profile is determined by the high quality of the loan portfolio with its relatively increased concentration on certain areas of lending.
The share of Stage 3 and POCI loans remained low at 3.1% as of June 30, 2025. At the same time, the Agency notes a slight increase in the cost of risk, which, however, did not exceed the industry average. The share of loans granted to the ten largest groups of borrowers remains relatively low.
The high level of specialized lending (mainly project finance), the volume of which is above 2.8x of Tier 1 capital. The credit quality of these loans remains high, which confirms the validity of the adequate score for the risk management system.
Another factor taken into account by the Agency when assessing the risk profile is the increased concentration on loans provided to companies related to the Bank in one way or another (over 1.7x of Tier 1 capital). ACRA notes that the risks of related-party lending are mitigated by the high credit quality of borrowers, as well as the availability of collateral that reduces the level of credit risks accepted by the Bank. The volume of market and operational risks is acceptable.
Adequate liquidity management policy. The Bank’s liquidity position is assessed as sufficiently comfortable. The Bank has no problems withstanding a significant outflow of customer funds in ACRA’s base case and stress scenarios. The values of the N2 and N3 ratios as of September 1, 2025 were 148.3% and 132.8%, respectively. Gazprombank also complies with the N26 and N28 standards.
The satisfactory funding profile is based on increased concentration on the 10 largest groups of lenders (including financial institutions). ACRA notes that on the back of changes to the resource base that have taken place over the recent years, the share of corporate funds fell below 60% of total liabilities.
Medium degree of support from the state. Taking into account Gazprombank’s positions in the Russian banking system, which are determined, among other things, by the high proportion of corporate and retail funds raised by the Bank (about 15% and 7% of the total volume, respectively), the Agency believes that Gazprombank’s default could trigger a systemic crisis in certain segments of the Russian banking market and a number of industries, which would have a negative impact on the financial sustainability of the national financial system. With this in mind, as well as taking into account multiple cases of capital injections to the Bank by the state, ACRA has applied the Methodology for Assigning Credit Ratings with External Support in order to assess the degree of support from the Russian Federation. Furthermore, the Bank of Russia categorizes the Bank as a systemically important credit institution. ACRA also takes into account that the state influence on Gazprombank’s strategy and operations is moderate, while the Bank itself is currently not involved in any functions that have exclusive importance for the nation. ACRA has expressed its opinion on the level of state support by adding four notches to the Bank’s standalone creditworthiness assessment (SCA).
KEY ASSUMPTIONS
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Maintaining strong competitive positions in key business segments.
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Maintaining the net interest margin within 2.5–3.5%.
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Maintaining the N20.2 ratio above 9% within the 12 to 18-month horizon.
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Share of non-performing and potentially non-performing loans not exceeding 5% of the total portfolio.
POTENTIAL OUTLOOK OR RATING CHANGE FACTORS
The Stable outlook assumes that the rating will highly likely stay unchanged within the 12 to 18-month horizon.
A positive rating action may be prompted by:
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Further strengthening of Gazprombank’s position in the Russian banking services market compared to peer credit institutions;
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Higher capital adequacy;
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Improved risk profile factors (significant reduction of the concentration of the loan portfolio on the 10 largest groups of borrowers and borrowers associated with the Bank and reduction in the volume of specialized lending and direct investment);
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Consistently stronger trend toward lower concentration of resource base.
A negative rating action may be prompted by:
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Decline of capital adequacy ratios;
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Declining ability to internally generate capital;
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Deteriorating quality of the loan portfolio in terms of non-performing loans;
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Stronger trend toward higher concentration on the 10 largest groups of borrowers;
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Stronger trend toward increased lending to associated parties.
rating components
SCA: а.
Support: the final credit rating has been set at four notches higher than the SCA as per the Methodology for Assigning Credit Ratings with External Support.
issue ratings
Rationale. The issues listed below are senior unsecured debt instruments of Gazprombank. Due to the absence of either structural or contractual subordination of the issues, ACRA regards them as equal to other existing and future unsecured and unsubordinated debt obligations of the Bank in terms of priority. According to ACRA’s methodology, the credit ratings of the issues are equivalent to that of Gazprombank, i.e. AA+(RU).
Bank GPB (JSC), uncertificated exchange-traded interest-bearing green bond, series 005P-01P (RU000A107A28), maturity date: November 28, 2026, issue volume RUB 15 bln — AA+(RU).
Bank GPB (JSC), uncertificated exchange-traded interest-bearing bond, series 003Р-06CNY (RU000A1087C3), maturity date: April 9, 2027, issue volume: CNY 30.7 mln — AA+(RU).
Bank GPB (JSC), uncertificated exchange-traded interest-bearing bond, series 005P-04P (RU000A1097S8), maturity date: February 8, 2028, issue volume RUB 595.3 mln — AA+(RU).
Bank GPB (JSC), exchange-traded bond, series 001Р-17Р (RU000A101Z74), maturity date: July 31, 2030, issue volume: RUB 10 bln — АА+(RU).
Bank GPB (JSC), exchange-traded bond, series 001Р-18Р (RU000A102DB2), maturity date: November 20, 2030, issue volume: RUB 20 bln — АА+(RU).
Bank GPB (JSC), uncertificated exchange-traded interest-bearing bond, series 001Р-19Р (RU000A102GJ8), maturity date: December 11, 2030, issue volume: RUB 15 bln — AA+(RU).
Bank GPB (JSC), uncertificated exchange-traded interest-bearing bond, series 001Р-20Р (RU000A102LU5), maturity date: December 28, 2030, issue volume: RUB 2 bln — АА+(RU).
Bank GPB (JSC), uncertificated exchange-traded interest bearing bond, series 001P-21P (RU000A104B46), maturity date: December 27, 2031, issue volume: RUB 30 bln — AA+(RU).
Bank GPB (JSC), uncertificated exchange-traded interest-bearing bond, series 001Р-22Р (RU000A105GW4), maturity date: November 24, 2032, issue volume: RUB 20 bln — АА+(RU).
Bank GPB (JSC), uncertificated exchange-traded interest bearing bond, series 001P-26P (RU000A1064G3), maturity date: April 18, 2033, issue volume: RUB 10.4 bln — AA+(RU).
Bank GPB (JSC), uncertificated exchange-traded interest bearing bond, series 005Р-03Р (RU000A107UA7), maturity date: February 21, 2034, issue volume: RUB 20.4 bln — AA+(RU).
Rationale. The issues listed below are subordinated debt of Gazprombank with respect to senior unsecured creditors. According to ACRA’s methodology, the credit ratings of the bond issues, that are Tier 2 capital instruments, are three notches below Gazprombank’s final credit rating of AA+(RU).
Bank GPB (JSC), subordinated interest-bearing bond, series GPB-T2-03D (RU000A101ER8), maturity date: December 20, 2030, issue volume: USD 250.25 mln — А+(RU).
Bank GPB (JSC), subordinated interest-bearing non-convertible uncertificated bond subject to centralized title registration, series GPB-T2-02E (RU000A101EQ0), maturity date: May 24, 2032, issue volume: EUR 59.4 mln — А+(RU).
Bank GPB (JSC), subordinated interest-bearing non-convertible uncertificated bond subject to centralized title registration, series GPB-T2-04D (RU000A103K38), maturity date: May 14, 2032, issue volume: USD 260.25 mln — А+(RU).
Regulatory disclosure
The credit rating of Bank GPB (JSC) and the credit ratings of bond issues of Bank GPB (JSC) have been assigned 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 t the credit rating outlook of Bank GPB (JSC) under the national scale for the Russian Federation; the Methodology for Assigning Credit Ratings with External Support to assess factors of external influence; the Methodology for Assigning Credit Ratings to Financial Instruments under the National Scale for the Russian Federation to determine the credit rating of the bond issues under the national scale for the Russian Federation; 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, models, and key rating assumptions.
The credit rating of Bank GPB (JSC) under the national scale for the Russian Federation was published by ACRA for the first time on November 24, 2016. The credit ratings of the bond issues under the national scale for the Russian Federation were was for the first time: ISIN RU000A101ER8 — on September 29, 2020; ISIN RU000A101Z74) — 30.07.2020; ISIN RU000A102DB2 — on November 20, 2020; ISIN RU000A102GJ8 — on December 11, 2020; ISIN RU000A102LU5 — on December 28, 2020; ISIN RU000A104B46 — on December 27, 2021; ISIN RU000A101EQ0 and RU000A103K38 — on January 27, 2022; ISIN RU000A105GW4 — on November 24, 2022, ISIN RU000A1064G3 — on April 20, 2023; ISIN RU000A107A28 — on November 27, 2023, ISIN RU000A107UA7 on March 4, 2024; ISIN RU000A1087C3 — on April 19, 2024; ISIN RU000A1097S8 — on August 15, 2024. The credit rating of Bank GPB (JSC) and its outlook and the credit ratings of the bond issues of Bank GPB (JSC) are expected to be revised within one year.
The credit ratings are assigned based on data provided by Bank GPB (JSC), information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS financial statements of Bank GPB (JSC) as of June 30, 2025 and the financial statements of Bank GPB (JSC) drawn up in compliance with the requirements of the Bank of Russia.
The credit ratings are solicited and Bank GPB (JSC) participated in their assignment.
In assigning the credit ratings, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.
ACRA provided the following additional services to Bank GPB (JSC): assessment of obligations of a company/regions, municipalities and countries for compliance with the sustainable development principles from September 22, 2023 to the present; data distribution service from June 16, 2021 to the present; information and reference services (workshops) from November 20, 2024 to November 21, 2024; verification of the Framework/Policy/Guidelines for the issuance of debt obligations from December 25, 2024 to the present; information and reference services (workshops) from April 16, 2025 to April 17, 2025.
No conflicts of interest were discovered in the course of credit rating assignment.
