Credit and investment operations of banks are among the main types of active operations that ensure the formation of the largest amount of income. At the same time, credit and investment operations of banks are associated with a large number of different risks, which can lead not only to the loss of profit, but also the principal amount of credit and investment resources and partially reduce the volume of equity capital.

The economic foundation of a modern bank is based on the resource component. Without the formation of such a resource component, it is impossible to ensure the formation of the credit and investment potential of a banking institution.

The economic resources of the bank are not only financial resources (own, attracted and borrowed capital), but also other types of resources that the bank needs to carry out active operations, in particular credit and investment.

The economic components of the bank that ensure the formation and use of its credit and investment potential include the following types of potential:

— financial potential of the bank (equity capital and liabilities);

— human resources potential;

— technical and information potential;

— settlement and payment potential;

— organizational and managerial potential.

These potentials must be formed to a minimum extent in order to ensure the initial level of credit and investment activity. But recently, banking institutions have been trying to computerize their services, make them more accessible and mobile. The result of such trends was the Privat 24 service, which allows bank clients to access their account at any time of the day.

The main economic component of the formation and use of credit and investment potential is financial potential, in particular the bank’s own capital and liabilities. Taken together, the bank’s equity capital and liabilities constitute the financial basis for carrying out any active operations, including credit and investment.

The relationship between equity capital and the credit and investment potential of banks lies in the fact that equity capital acts as the financial basis of economic activity, including the provision of banking services.

The bank's own capital provides real conditions for the creation and further expansion of the resource base by increasing the volume of deposits of individuals and legal entities, as well as issuing securities and their placement on the domestic and especially the foreign stock market.

The gradual growth of equity capital significantly increases the credit and investment capabilities of the bank and allows for larger-scale credit and investment operations.

The main elements of the bank's own capital are the authorized capital, reserve capital and other funds, general and special reserves to cover risks, and retained earnings. According to statistics from the Association of Ukrainian Banks (AUB), the equity and authorized capital of Ukrainian banks has increased significantly in recent years.

However, the available volumes of these capitals do not meet the needs of both the banks themselves and the entire country’s economy, which negatively affects the ability of domestic banks to provide lending to individuals and legal entities and invest in large-scale structural innovation and investment projects.

From the above, we can conclude that the greater the volume of the bank’s obligations, especially in the form of attracted and borrowed funds, the more the bank has the opportunity, through certain areas, to increase the volume of formation of credit and investment potential. With a decrease in the volume of liabilities, especially deposits of individuals and legal entities, bond issues, and interbank loans, the volume of credit and investment potential actually decreases.

However, it must be taken into account that an uncontrolled increase in the bank’s liabilities can lead to the following events:

— volumes of credit and investment resources may significantly exceed the bank’s ability to effectively allocate them when carrying out active operations;

— an increase in the volume of obligations increases the risk of the bank’s inability to fulfill these obligations to creditors;

— an unreasonable increase in obligations leads to a loss of trust on the part of clients.

The student must know: the concept of credit and investment potential of the banking sector and the main factors that have a significant impact on its development; the importance of the capital of the banking sector, the savings potential of the population, attracted funds from enterprises and households, foreign capital, refinancing instruments in the formation of credit and investment potential; directions for analyzing the influence of these elements on the credit and investment potential of the banking sector.

Key words and terms: credit and investment potential of the banking sector, capitalization of the banking system, savings potential of the population, globalization, foreign banks, transnational banks, banks with foreign participation, refinancing, key rate.

Credit and investment potential of the banking sector: concept and factors

The credit and investment potential of the banking sector should be understood as the ability of the banking sector to redistribute financial flows and perform an intermediary function in the movement of capital both at the international level and between various sectors of the national economy. Due to the credit and investment potential, consumer demand is stimulated and the real sector of the economy develops.

Raising resources to finance investments can be carried out both through the banking system using credit mechanisms and in the capital markets.

The main ways and factors for increasing the credit and investment potential of the Russian banking sector:

• increase in equity capital - capitalization of the banking system from the following sources: profit, issue funds, revaluation of fixed assets;
• accumulation of savings of the population;
• attracting foreign investment in the banking sector;
• development of refinancing instruments of the Bank of Russia;
• development of the general economic situation.

The first factor influencing the credit and investment potential of the banking sector is the increase in equity capital and capitalization of the banking sector. The role of the source “bank profits” in increasing equity capital is currently small, since the average profitability of the banking business has been declining in recent years due to the financial crisis, rising interest rates and lack of liquidity. There is also concern about the risk of lower profit levels in the face of rapidly increasing amounts of overdue debt.

Emission resources include funds of founders, shareholders and third parties. The most effective tools for increasing equity capital are an IPO (the company's first public offering of shares, also called an issue) or the direct sale of a portion of the shares to a strategic investor.

The main limitation that determines whether a bank can conduct public offerings of shares is a sufficiently high credit rating. If the bank’s reliability level assumes more than 20% probability of default, then it cannot use the attraction of investors, especially foreign ones, to increase its own capital.

An important difference between the stock market and the debt instrument market is the possibility of obtaining guaranteed profits exclusively over long investment time horizons. The financial stability of the issuer in the long term is an important condition to attract the interest of investors. Thus, due to the emission source, it is possible to obtain a significant increase in the total equity capital of the banking sector, but the concentration of this increase will be obvious.

Banks are reluctant to use such a source of increasing capitalization as the revaluation of fixed assets, due to the proportional increase in the tax base for property tax. Moreover, this source does not provide a direct increase in the volume of credit and investment resources.

The accumulation of household savings is another factor influencing the credit and investment potential of the banking sector. Savings of the population enter the real sector with the participation of the banking, pension and insurance systems. The ability of commercial banks to attract savings from the population is a necessary condition for financial intermediation.

The dynamics of deposits of individuals in nominal or real terms characterizes the level of public confidence in the banking sector and the degree to which this sector performs intermediary functions in mobilizing the population’s monetary savings.

Macroeconomic stability and information and political shocks determine the degree of confidence in the banking sector. Information and political shocks are possible information attacks and emergency political events that go beyond the normal situation.

Political shocks include possible but not highly probable events. Such events include:

• inertial policy pursued by the monetary authorities;
• arrests of foreign assets of systemically important Russian banks or companies affiliated with them;
• foreign investigations or lawsuits relating to the activities of a large number of Russian banks;
• due to massive violations of legislative and regulatory requirements, the revision (or the possibility of revision) of banking licenses of a large number of banks;
• significant claims by tax and law enforcement authorities against a significant number of commercial banks or organizations associated with them;
• the adoption by such regulatory international organizations as FATF, BIS, the Basel Committee of decisions that significantly complicate the activities of Russian commercial banks and significantly reduce their competitive positions.

The share of demand deposits and time deposits in the total volume of deposits of individuals is an important indicator characterizing the state of the banking sector. This indicator demonstrates the degree of confidence in the banking sector; it is time deposits that form the resource base for the development of long-term lending and are the main resource for financial intermediaries.

Foreign investment in the banking system is another factor influencing the credit and investment potential of the banking sector. Foreign investment in the banking system refers to the share of foreign banks in the registered authorized capital and assets of the entire banking system. Since foreign banks often have access to cheaper and more accessible capital through their parent companies, the presence of foreign investment in the banking system has a positive effect on the growth of credit and investment potential.

It is possible to assess the influence of foreign banks on changes in the credit and investment potential of the banking sector in two ways:

• assess the dynamics of growth of foreign investment in the authorized capital of commercial banks;
• analyze the resource base of a foreign bank.

The process of integration of the Russian banking sector into the global financial system has both advantages and disadvantages. The advantage is that the banking sector, by expanding sources of liabilities, becomes more resistant to shocks in the national economy. However, in the event of global financial turmoil, the greater the dependence of the national economy on international capital flows, the greater the negative impact on it.

Factors characterizing the degree of integration of the national banking sector into the world economy:

• the share of foreign banks in assets or in the authorized capital of the banking system;
• share of external debt of the non-financial sector of Russia;
• the share of external debt of the banking system in the overall structure of liabilities of the banking system.

The factor “share of external debt of the non-financial sector” is of great importance for the economic development of Russia. On the one hand, there is a chain at work: narrowing access to European markets - reducing the volume of investment in the real sector of the economy - slowing down the dynamics of the GDP per capita factor. On the other hand, the higher the share of external debt of the non-financial sector, the higher the dependence of the Russian economy on external factors.

The development of refinancing instruments of the Central Bank of the Russian Federation also has an impact on the credit and investment potential of the banking sector. Increasing the efficiency of commercial banks' refinancing instruments, as well as their development, is an important factor in the context of liquidity crises. The efficiency of refinancing refers to the targeted use of financial resources and the uniform distribution of funds within the banking system.

The targeted use of financial resources includes: replenishing the economy with long-term credit resources, investing in strategic economic objects, reducing the share of funds allocated to foreign assets.

And the last factor influencing the credit and investment potential of the banking sector is an increase in the influx of funds due to the general economic situation. This effect can be achieved due to the following components:

• reduction of “bad” debts, which cause losses of credit and investment resources;
• an increase in the profits of economic entities, leading to an increase in balances in bank accounts
• reducing capital outflow;
• regulation of inflation.

A detailed analysis of the influence of a number of the most significant factors on the credit and investment potential of the banking sector is provided in the following paragraphs of Chapter 4.

Undoubtedly, one of the most important factors determining the credit and investment potential of the banking system is the state of the money and credit market and the level of its liquidity. It is interesting to see how closely interconnected the M2 monetary aggregate in Russia is with the volume of funds provided by credit institutions to their clients - individuals and legal entities in various forms. To do this, you can calculate the correlation coefficient, which helps clarify the closeness of the relationship between data series. Calculation of the correlation coefficient for the period 2010-2016. (Table 1), which is estimated at 0.978, showed a high degree of interdependence between the volumes of bank lending, investment and the M2 aggregate, which characterizes the money and credit markets. This suggests that banks during 2010-2016. actively worked on the redistribution of cash and non-cash funds in accounts into the economy.

	M2 (billion rubles)	The volume of funds provided by banks to commercial organizations, individuals and other credit organizations
Coefficient correlations

The credit and investment potential of a bank is largely determined by the size and timing of funds raised from the population, which should be used, among other things, for investment purposes.

The 2016 financial year was characterized by a significant increase in the volume of bank deposits of the population - by 19%. At the same time, the share of household deposits amounted to 29.5% of the banking sector's liabilities. The volume of loans issued by banks also increased: in January 2012, their size amounted to 17,966 billion rubles, and a year later - 31,582 billion rubles. Thus, with an increase in the volume of household deposits in banks over the period 2012-2016. by 72.7%, the total loan portfolio of the Russian banking system increased by 75.8%.

This indicates a readiness to provide funds to the economy at a pace that outstrips their mobilization. Analysis of the relationship between the volumes of household funds placed in Russian credit institutions and the size of the total loan portfolio of domestic banks from 2010 to 2016. was also carried out through the calculation of the correlation coefficient, the size of which was 0.94. This confirms the obvious high degree of dependence of credit investments of Russian banks on the volume of attracted funds from the population. However, the closer relationship between the volume of bank investments and the M2 monetary aggregate suggests that in the formation of sources of credit and investment resources, the funds of organizations play an important role.

Having generalized the correlation of the monetary aggregate M2, taking into account the total portfolio of deposits of the population and the size of the total loan portfolio of the banking sector, we can assert not only the presence of the credit and investment potential of the Russian banking system, but also that the mechanism for the redistribution of free funds of the population into the Russian economy through the banking sector in principle it works, or rather, it works in its credit part. However, it is difficult for credit potential to develop in an unfavorable environment. The latter is an investment climate that has been discussed for more than 15 years, the problems of improving which are still relevant today. The investment climate is a more complex category than credit and investment potential. Its formation depends not only on credit institutions, other areas of business, the current situation in financial markets of various sizes, etc., but also on the monetary policy pursued by the authorities. At the same time, required reserve norms are one of the most stringent instruments of monetary regulation. Mitrokhin V.V., Lukshina A.A. Tools for maintaining sustainable development of commercial banks

Reservation rates, among other things, are set by the regulator for the influx of foreign capital into the national economy. The lower the reserve ratio, the higher the efficiency of investments and the more attractive the economy is to foreign investors. The tightening of Bank of Russia requirements since the beginning of 2011 has reduced the investment opportunities and liquidity of banks. Even before the sanctions, it became unprofitable for non-residents - owners of capital - to place capital in Russia due to the presence of high costs of various kinds, as well as low investment efficiency.

The third factor determining the credit and investment potential of banks in terms of the own capabilities of credit institutions is the size of their own funds. It is also important from the point of view of the level of economic development, as well as the investment climate, because ensures the reliability and stability of the development of banking and payment systems. The general trend in the development of banking systems over the last ten years is the increase in the equity capital of banks, the importance of which was proven during the global financial crisis. The growth of their own funds allows banks to increase the volume of lending to the real sector of the economy.

During 2013, the volume of banks' own funds increased by 14% to 6.975 trillion rubles, and in 2014 - to 7.1 trillion rubles, i.e. by only 1.8%. This is due to the fact that at the end of 2012? The Bank of Russia made changes to the requirements for the amount of banks’ own funds (capital) and increased the burden on credit institutions in 2013. In connection with this, banks began to actively increase their own funds in order to avoid violations of regulations, as well as to have the opportunity for further development. On the one hand, this is a positive fact from the point of view of assessing credit and investment potential and the investment climate. On the other hand, it confirms the high level of passivity of banks in caring for their potential.

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Coursework in the discipline

"Organizational activities of commercial banks"

Topic: "Credit and investment activities of banks: status and prospects"

(using the example of Rusfinance Bank LLC)

annotation

The course work contains 47 pages, including 11 drawings, 27 sources.

This course work presents theoretical aspects of the development of credit and investment activities of commercial banks , lending activities of commercial banks and Analysis of credit and investment activities of commercial banks using the example of Rusfinance Bank LLC.

In writing the work, the works of scientists such as V.I. Bukato, G.S. Panova, K.S. Voloshina were used. etc. As well as Federal laws and the Civil Code.

Course work includes 46 pages, including 11 figures, 27 source.

In this term paper, the theoretical aspects of lending and investment activities of commercial banks, credit activity of commercial banks and analysis of lending and investment activities of commercial banks as an example of "Rusfinance."

In the writing of this paper were used works of scientists such as Bukato VI Panova GS, Voloshin KS et al. as well as federal laws and the Civil Code.

Introduction........................................................ ........................................................ ...... 6

1 Theoretical aspects of the development of credit and investment activities

commercial banks........................................................ .................................... 7

1.1 The essence of the lending activities of commercial banks.................................. 7

1.2 Features of the investment activities of commercial banks...... 11

1.3 Assessment of credit and investment activities of commercial banks 18

2 Analysis of credit and investment activities of commercial banks

using the example of Rusfinance Bank LLC.................................................... ............... 22

2.1 Organizational and economic characteristics of the bank.................................... 22

2.2 Analysis of the bank’s credit and investment activities.................................... 25

2.3 Assessment of performance indicators of credit and investment

bank operations................................................... ............................................... 32

3 Problems and prospects for the development of credit and investment

activities of commercial banks................................................................... ............... 38

Conclusion................................................. ........................................................ .. 43

List of sources used......................................................... ............. 46

Introduction

The innovative activity of commercial banks is a characteristic of their successful policy in terms of providing services to their clients. It would not be an exaggeration to call innovation the basis for managing not only the cycle of banking operations, but also the bank itself.

Thanks to innovation, the management of a commercial bank has the opportunity to look at their own stage of development as if from the outside, in comparison with other banks. Of course, the very process of developing and implementing innovative technologies forces a commercial bank to mobilize and make a number of investment decisions that are associated with risks. But such a step can be considered justified provided that real tools are available to assess the level of economic efficiency of credit and investment innovations of banks.

In order to improve methods for calculating the economic efficiency of design solutions, and the commercial feasibility of investing in the innovative vector of development of a commercial bank, it is necessary to resolve a number of issues that are related to the area of ​​adaptation of selected innovations. At the same time, the question of assessing the level of economic effect remains open.

The presence and variety of various scientific works that cover the issues of innovation processes in banking institutions, as well as the presence of critical points of view of practitioners, indicate that the problem raised has a certain level of relevance and is an issue of paramount importance for the development of a modern bank.

In confirmation of the above, it is advisable to turn to the scientific works of such scientists as L.L. Antonyuk, T.A. Vasilyeva, S.B. Egorycheva, Ya.N. Krivich, S.V. Leonov, F.S. Mishkin and others. Their scientific research reveals various aspects of credit and investment innovations of banks, however, the current situation that has developed in the economy and financial sector of Russia indicates the advisability of deepening individual elements of the study by improving the evaluation apparatus.

It is this approach that adapts existing tools for assessing the economic efficiency of credit and investment innovations of banks, taking into account the changes caused by existing financial processes in the Russian Federation.

The purpose of the study is to study the theoretical platform of the methodology for assessing the level of economic efficiency of the credit and investment activities of a commercial bank and its adaptation in modern depository organizations that are representatives of the banking sector.

The key objectives of the intended area of ​​research are:

1) study of theoretical aspects of the development of credit and investment activities of banks;

2) study of the credit and investment activities of the commercial bank Rusfinance Bank LLC;

3) disclosure of prospects for the development of credit and investment activities of a commercial bank.

The object of the course work was Rusfinance Bank LLC.

The subject of the course work is the process of credit and investment activities of banks.

The sources of information for writing coursework were the works of specialists and bank employees; statistical data; research articles in periodical literature on the organization of banking activities, as well as financial statements of Rusfinance Bank LLC for 2011 - 2013, presented on the bank’s official website - http://www.rusfinancebank.ru

1 Theoretical aspects of the development of credit and investment activities of commercial banks

1.1 The essence of the lending activities of commercial banks

A modern commercial bank is a universal credit organization that provides clients with a huge range of services. At the beginning of their emergence and development, commercial banks performed only traditional operations for a credit institution: attracting deposits, providing loans and making payments. But currently, in conditions of fierce competition in the banking system, a commercial bank is forced to expand the range of operations performed in order to obtain a profit sufficient for normal functioning.

Modern banks are the main participants in the securities market and foreign exchange market; they offer clients various types of trust and consulting services, provide insurance services through associated insurance companies, expand operations related to plastic cards, carry out real estate transactions through representatives, etc. .[ 8].

At certain periods of time, depending on the political and economic state of the country and the international situation in general, various active operations are more or less profitable. Thus, when the foreign exchange market is unstable, foreign exchange transactions can bring quite high incomes. Crises in the securities market, followed by stabilization of the stock market, provide banks with a good opportunity to “earn money” by executing arbitrage transactions with securities. Crises of the banking system itself allow large banks to earn good profits within a short period of time by placing on the interbank market the money necessary for small and medium-sized banks to fulfill their current obligations.

But, despite the attractiveness of individual banking operations in certain periods, banks constantly carry out their main function - lending operations. Thus, a sound credit policy makes it possible to rationally and effectively use all elements of the credit mechanism, which largely ensures the successful operation of the bank and its further development.

The goal of credit policy expresses the final result of the bank's activities, which follows from its purpose - to satisfy the needs of customers to receive additional funds, while making a profit and ensuring the stability of the credit institution. The objectives of credit policy are more specific: they may be associated with improving the composition of credit products, the quality of the loan portfolio, reducing the share of overdue debt, increasing the share of secured loans, reducing the risk of loans; credit policy is not something defined once and for all in jar. It should be revised depending on changes in economic realities in the state and the “rules of the game” in the banking market.

Based on the objectives established by the credit policy, as well as available resources, the credit institution determines the current objectives:

2) technology for carrying out credit operations;

3) credit risk management;

4) control in the lending process.

To keep the bank's credit policy up to date, regular review of the provisions set out in it is necessary. Credit institutions usually review their policies at least once a year. In the current rather rapidly changing economic situation, credit policy is reviewed even more often. Revision is possible both “from above” and “from below”. Who, if not the credit worker, who is daily faced with various, often non-standard situations in working with clients, sees the “subtle” points of the policy and can make rational proposals for its adjustment. Banks try to adhere to a credit strategy as close as possible to the realities of modern life.

The bank's credit policy is a system of monetary measures carried out by the bank to achieve certain financial results, and is one of the elements of banking policy.

For its successful implementation, the bank needs to keep records of all factors that affect the implementation of inflows of credit potential. In this regard, it is necessary to consider the main factors affecting the effectiveness of the bank’s policy in terms of the formation of credit potential funds.

The main forms of increasing sources of credit potential include:

Increasing the number of bank clients;

Increasing the funds of existing bank participants and clients;

Growth of the bank's organizational network;

Pooling funds of bank participants and clients for their intended purpose (for example, creating a common housing construction fund).

For banks, a larger number of regular customers is of particular importance, since in this case deposits in the bank and its liquidity are more stable. Credit policy determines the general strategy of action in credit activities and represents the general conditions for strategic planning, as well as the bank’s current decisions on granting or not granting a loan.

How to ensure the financial stability of a bank in conditions of financial instability. An important role in this regard is given to credit policy, which is based on the risk-return ratio of the transactions carried out that is acceptable to the bank. A competent credit policy helps to optimize credit risk, provide high-quality and most suitable credit products for the client, generating the main income of the bank.

Classification of banking risks depending on the state of each of the listed elements: type (kind) of the bank and risks.

The factors determining the bank's credit policy are presented in Figure 1.

Figure 1 - Factors determining the credit policy of a commercial bank

Currently, taking into account the direction of activity of banks, three types (types) of commercial banks are distinguished: specialized, industry, universal. The set of risks for these banks will be different.

The scope of occurrence and influence of banking risks. Depending on the area of ​​occurrence, banking risks are classified into: country risk; the risk of financial reliability of an individual bank (risks of insufficient bank capital, unbalanced liquidity, insufficient required reserves); the risk of a particular type of banking operation (the risk of non-payment, non-reimbursement, collection - bank guarantee, legal risk, risk of loan unprofitability, etc.). Composition of bank clients and methods for calculating risks. The composition of the bank's clients determines the risk calculation method and its degree. A small borrower is subject to greater dependence on the contingencies of the market economy than a large one. At the same time, large loans issued to one borrower or a group of related borrowers, industry, region or country often cause bank failures. Therefore, one of the methods of regulating the risk from providing large loans is to limit its size to 10-15% of the bank's authorized capital.

The correct choice of the preferred client for the bank is also essential. Typically, such partners include enterprises that have a high degree of financial stability and have good indicators of liquidity and solvency of balance sheets, a sufficient level of profitability, and are well secured with their own funds.

In modern conditions, the principles of rational lending are of particular importance, requiring a reliable assessment of not only the object, subject and quality of collateral, but also the level of margin, profitability of credit operations, and risk reduction. Compliance with lending technology, rules for issuing and repaying loans, ongoing monitoring and analysis of credit transactions also becomes important.

At present, it is difficult to predict how bank lending will develop in Russia in the future. But we can say with confidence that there is no serious alternative to this: the state does not have enough funds even to support the social sector, which is why lending to enterprises and other legal entities is an impossible task for it. Therefore, the greatest successes in this type of banking business will be achieved by those credit organizations that enter this market earlier than others and create appropriate internal mechanisms that allow them to work objectively in it.

The bank's credit policy is determined, firstly, by general guidelines regarding operations with clients, which are carefully developed and recorded in the memorandum of credit policy, and, secondly, by the practical actions of bank personnel who interpret and implement these guidelines. Consequently, ultimately, the ability to manage a loan depends on the competence of the bank’s management and the level of qualifications of its rank and file personnel involved in the selection of borrowers, specific loan projects and the development of the terms of loan agreements.

According to its purpose, the bank should be one of the most reliable institutions in society and represent the basis for the stability of the economic system. In modern conditions of an unstable legal and economic environment, banks must not only preserve, but also increase the funds of their clients almost independently, due to the lack of government support and support. In these conditions, professional management of banking operations, prompt identification and consideration of risk factors in daily activities are of paramount importance.

1.2 Features of investment activities of commercial banks

One of the fundamental infrastructural elements of the country’s economic development has been (and will remain in the foreseeable future) the development of its credit and financial system.

The main direction of the banking system's impact on the economy is investment activity carried out in the interests of the socio-economic development of the entire country. The mobilization of household savings and their transformation into an investment resource remains a classic function of banks in the economic system. The importance of the banking system in terms of the efficiency of capital redistribution may vary depending on periods of economic development and the characteristics of a particular country.

In the study of the investment activities of banks, in our opinion, there is an urgent need to clarify the economic content of the concept of “investment activity of a commercial bank”, since its interpretation in the economic literature requires additional disclosure.

In Soviet economics, the investment activity of banks was considered to be the provision of long-term borrowed funds to subjects of the real sector of the economy. Under socialism, the banking sector performed the most important function of long-term lending to the most important sectors of the national economy; this view of the role of the banking system was largely inherited by modern Russian financial management.

In the process of developing market relations in the country, the view on the investment activities of banks began to correlate to a greater extent with the activities of credit institutions in the field of investments in securities. To some extent, such an interpretation has become an objective reflection of the existing economic reality. Bank investments usually include securities with a maturity period of more than one year, the main purpose of which is to generate income.

In this regard, I would like to note that it is unlawful to limit the investment activities of banks to the time frame of capital investment. The development of investment instruments currently makes it possible to “revaluate investments”, i.e. carry out regular review of the investment qualities of certain areas of investment.

A number of authors adhere to the broadest possible interpretation of the investment activities of a commercial bank; in particular, a similar approach is disclosed in Instruction No. 17 of the Bank of Russia. In this document, investment activity is considered as “the acquisition or sale of tangible or financial assets intended to generate future income.”

The second (narrow) point of view is set out in the rules for maintaining accounting records in credit institutions located on the territory of the Russian Federation when investing in securities for the purpose of forming a trade and investment portfolio. According to the requirements of this document, banks can make investments either “by directly investing their funds in production (by purchasing a participation share in one form or another); providing loans for appropriate purposes”, or for three main types of activities: “...serve the movement of funds belonging to investor clients and intended for investment purposes; cooperate in mobilizing savings and savings and channeling them for investment purposes through the securities market; invest own and attracted resources into the investment process.”

All currently existing research in this area operates either with an expanded interpretation or narrows it down to a narrow range of operations with a certain category of securities. In our opinion, both existing approaches have a right to exist, because they objectively reflect the global trend towards universalization of the activities of financial institutions. A broad interpretation describes the activities of the so-called. financial supermarkets that operate in diversified global markets. A narrow interpretation of investment activity, therefore, reflects the main financial function of most Western banks - underwriting in the debt financing markets.

Domestic and foreign sources note microeconomic and macroeconomic approaches to assessing the investment activities of a bank. From a microeconomic point of view, a bank is an economic entity that operates with its own and borrowed funds in local markets in order to make a profit as the main goal of its activities.

From the point of view of macroeconomics, banks are an integral element of the global investment process, transforming the savings of households and business entities into investment resources in demand by the real sector of the economy.

All investment activities of banks are traditionally divided into four main areas (a number of researchers highlight more): lending, investments in financial markets, industrial investments and investments in the bank’s own activities.

Lending traditionally occupies a special place in terms of macroeconomic impact on economic processes in the country. Investment lending occupies a special place in the general lending system due to the specifics of targeted lending, the use of elements of project lending, a long lending period and a correspondingly higher level of risks.

In the difficult conditions of the post-crisis development of the Russian economy, the share of investment loans is steadily increasing, which generally indicates that banks are returning to their former leading role in the renewal of fixed capital in the real sector of the economy.

Financial investments of banks represent investments in securities and time deposits in other credit institutions. As the Russian financial market develops, investments in state and municipal securities, derivative securities (derivatives), as well as new financial instruments (transforming securities) are becoming increasingly important.

Industrial investments of banks are the bank's investments in the economic activities of enterprises and organizations. Such investments can be made in the form of equity participation in the capital of an enterprise in the real sector of the economy, or joint activities. Such participation is carried out by the bank, as a rule, in the financial sector, where the object of investment can be legal entities that carry out their activities using the bank’s financial resources (leasing and factoring companies, investment funds, insurance companies, non-state pension funds, depository and clearing institutions, etc. .d.) .

The development of a bank’s investment activities in this area may, along with the presence of positive aspects (diversification of activities, development of new markets, etc.), also carry a whole range of additional risks. In this regard, the activities of commercial banks in this area are associated with a number of additional legislative and regulatory restrictions.

Investments in one's own activities, as a rule, include investments in improving the material and technical base of the bank and its organizational level. Making such investments is justified only if the logical result of such investments is an improvement in the bank’s rating position in the Russian and international markets, an increase in operational efficiency, an expansion of the client base and the level of customer service.

The development of investment forms of credit institutions in a global economy proves the need to develop a flexible investment policy of the bank, capable of effectively and quickly responding to changes in the macroeconomic situation, choosing new forms and methods of investment. In relation to countries with economies in transition, the development of the main directions of investment policy is a serious problem that is the object of special consideration in the professional environment. Among the influencing factors, it is necessary to take into account the degree of openness of the national economy, the degree of its real integration into the world economy and the degree of development of institutional mechanisms.

Analysis of foreign experience in the development of investment activity schemes of credit institutions led to the formation of two main models for constructing banking systems - segmented (“American”) and universal (“German”). The main distinguishing features of both models were the specialization of credit institutions, the degree of their diversification and the strategy for forming their investment portfolios.

At present, it can be stated that, despite the ongoing process of development of the Russian banking system, the scheme for building our country’s financial system based on the German model is gaining greater influence.

The synchronized development of the processes of specialization and universalization in the banking sector has led to the formation of a new type of banks operating in the investment sector and having the following features: a global nature of operations, the ability to attract significant amounts of financial resources, a diversified range of services provided in the investment sector, and the possession of a large own management business assets, merger with a network of small and medium-sized credit and brokerage institutions, the ability to provide a full range of related services in the investment field.

A characteristic feature of all investment activities of commercial banks is the presence of a significant share of borrowed resources in the invested funds, which makes the investment process for them much more dependent on the amount of profit received - the rate of return on invested capital. This feature can be noted first of all when drawing up characteristics of the modern investment process in Russia.

Secondly, it is necessary to note the risk factor as an integral component of the investment activities of commercial banks. Due to the significant dependence of banks on borrowed sources of funds, their investment activities are quite rightly subject to stricter regulation both from the internal regulatory documents of banks and from the regulatory documents of the main regulator - the Central Bank of the Russian Federation.

Thirdly, investments made by a credit institution must have a high degree of liquidity, i.e. the ability to be quickly converted into cash.

This feature of investment operations is characterized by a certain inconsistency - the actions of credit institutions in the field of investment investments are traditionally assessed using the “magic triangle” “profitability-risk-liquidity”, the main components of which have certain dependencies. Thus, with an increase in profitability, as a rule, the risk of operations inevitably increases. Consequently, the choice of appropriate forms of investment should be made on the basis of the bank’s developed investment policy, which includes the development and implementation of a set of measures to carry out investment activities according to a specific list of performance criteria. The direction and nature of investments will depend on the choice of one of the types of investment policies - conservative, moderate and aggressive.

Of particular importance is the bank’s active efforts to attract funds from the public, because Thanks to this source of liquid resources, savings along the shortest path are converted into an investment resource in the real sector of the economy, shown in Figure 2.

Figure 2 - The process of transforming savings into investment resources

The relationship between investment and savings was studied by J.M. Keynes and outlined in his work “The General Theory of Employment, Interest and Money.” The starting points in Keynes's theory are the following provisions: “Although the total amount of savings represents the aggregate result of the actions of many individual consumers, and the amount of investment is the aggregate result of the actions of individual entrepreneurs, these two quantities must be equal to each other, since each of them is equal to the excess of income over consumption " According to J.M. Keynes, the equality of savings and investments ensures the country's stable economic development, therefore, the full implementation of the entire accumulation fund is advisable. Unfortunately, in our country, due to the underdevelopment of the mechanism for capitalizing savings, the latter are practically not involved in the investment process.

In the modern Russian economy, according to a significant number of domestic economists, it is currently visible that there is a sufficient amount of potential resources that are not used for investment purposes and are thus excluded from effective economic turnover (even conservative estimates indicate the possibility of a doubling of investment potential).

At the same time, Russian commercial banks had quite a lot of attractive areas for investing funds, characterized by very high returns of tens and even hundreds of percent. In the current situation, the real sector of the economy cannot count on increased investment from the banking sector; according to many Russian economists, in particular S. Glazyev, to resolve this problem it will be necessary to limit the access of market participants to highly profitable speculation.

Fourthly, there remains a shortage of medium-term long-term resources as part of attracted funds from credit institutions. Despite the positive growth dynamics of bank deposits, it is too early to talk about restoring citizens’ full trust in the banking system in the conditions of post-crisis development.

Fifthly, the overwhelming majority of loans provided are still short-term in nature - this is due to the fairly high need of enterprises for such loans, and the lack of effective investment instruments.

Domestic enterprises, having a low rate of increase in profits (and, accordingly, their own funds), need to significantly raise funds to replenish working capital and solve current production problems in paying for the services of product suppliers, purchasing raw materials, paying for utilities, etc. .

Sixthly, it is necessary to include the budget policy pursued by the state as a limiting factor for the development of investment activity. In Russia, the budget surplus is not reinvested into the economy, but, in fact, is withdrawn from it, being used to service the public debt, as well as to build up official gold and foreign exchange reserves. This reduces the basis for self-financing of economic growth, which becomes more dependent on attracting resources from outside.

The balanced development of the banking system and the real sector of the economy is hampered by the lack of systematic development of the country's legislative framework that would harmonize the functioning and development of the modern economy.

Currently, the main drawback of the current banking legislation is the weakness of the mechanisms of responsibility for accepted obligations at all levels of banking management. At the legislative level, such strategic principles of banking activities as protection of the interests and rights of investors, creditors, and depositors are not fully ensured; prevention of crimes in the economic sphere related to the implementation of dubious transactions and transactions, as well as the establishment by unscrupulous persons of control over credit institutions; a system of preferential taxation of banking activities has not been created.

From the above, it follows that the impact of the banking system on the economy currently continues to remain quite insignificant - this is expressed in the inability of existing financial institutions to become centers for transforming household savings into an investment resource for the real sector of the economy. Banks are not yet able to ensure real inter-industry competition for attracting credit resources in conditions of rather low effective demand of the population.

This can partly be explained by the poor financial condition of the end consumers of investment resources. In the context of declining inflation rates, its level still remains relatively high compared to the profitability of the real sector of the economy, which is reflected in high interest rates and the inaccessibility of bank loans for many producers. This is also due to the weak capitalization of banking

system and the imbalance of their assets and liabilities in terms of maturity, insufficient resources for long-term lending and high lending risks, the presence of disproportion in the distribution of capital: approximately 20 of the largest banks own 60% of all assets in the country and practically monopolize the banking market.

It should be noted that these are not the only problems that, by solving them, we can achieve intensification of the investment activities of commercial banks. However, without paying attention to them, it is easy to interrupt all the positive trends in the correlational development of the banking system and the real sector of the economy, turning them into stagnation.

In the near future, the main problems that have a serious impact on the regional banking system will be a low level of equity capital, a high share of short-term liabilities that make long-term investments impossible, as well as a high degree of dependence of the banking network on the state of affairs in the real sector of the Russian economy.

1.3 Assessment of credit and investment activities of commercial banks

The problem of introducing innovations into the activities of commercial banks has been relevant for a long time. As numerous studies indicate, a significant part of scientists tried to solve this problem from the position of the actual implementation of certain types of innovations, that is, banking products.

However, no less pressing issues related to the assessment of already existing credit and investment innovations of banks have been considered and discussed to a limited extent.

At the same time, insufficient attention was paid to the study and disclosure of relationships between conceptual categories that characterize the process of assessing credit and investment innovations of banks. This refers to the definitions “the effectiveness of the bank’s credit and investment innovations” and “the bank’s innovative activities.”

Previous studies show that there is a direct relationship between the concepts of “innovative activity of a bank” and “effectiveness of innovative activity of a bank.” At the same time, the research, operational and strategic components of the bank's innovative activities are highlighted /9/ and the importance of their simultaneous development as a guideline for the overall economic result of its activities is emphasized.

The relationship between these definitions is that the bank’s activities, regardless of the circumstances, must be aimed at a specific result.

In this case, the bank chooses an innovative mechanism on a credit basis. It is possible for a bank to achieve a certain level of efficiency in this activity if a number of conditions are met, which fundamentally characterize the relationship between these categories.

The first condition is the research component, which is associated with the basic basis for forming the effectiveness of the bank’s credit and investment innovations. The second and rather weighty condition is the motivational basis for the formation of the intended level of efficiency of innovation activity.

The relevance of the second condition is that the bank makes an attempt to make a credit investment based on the introduction of the principles of payback and efficiency. The operational and strategic components of the bank's innovative activities are the third condition for the relationship between the definitions. It is these components that have the opportunity to implement an innovative idea and, as a result, lead to an economic effect, that is, the effective stage begins. As a result, the level of efficiency of a bank’s credit and investment innovations depends on the quality of all components that are involved in its emergence. So, the relationship between the definitions is established in such a way that without it, there is no point in the bank mastering innovative technologies on a credit basis.

The importance of focusing innovative banking activities on the overall result and efficiency of the bank's activities is confirmed by a critical analysis of research results. From a methodological point of view, the following are important: determining the main approaches to the strategy for introducing banking innovations in credit and investment activities; explaining the results of innovation and evidence of staff productivity; development and implementation of innovative products and services in the bank's work.

The task set is quite complex, but extremely important today, an issue that needs to be solved, because powerful waves of financial crises have become proof that banks have not yet reached a sufficient depth of understanding of the phenomenon of innovation and do not have a systematic approach to adapting the mechanisms for their implementation. Therefore, it is advisable to begin solving this problem by interpreting approaches to basic strategies for introducing banking credit and investment innovations.

From the standpoint of a systematic approach, we consider the strategy for introducing banking credit and investment innovations as components of the overall strategy of innovative development of the bank. In turn, we interpret the strategy of innovative development in the plane of a general theoretical approach as the main direction of the bank’s movement in the long term, the result of which is a decision on the need to initiate banking credit and investment innovations and their nature, as well as the necessary resources.

Of course, banks are distinguished by their existing intellectual potential, a set of specific principles and tools for achieving certain development goals. In addition, the external environment and additional opportunities for further consolidating and expanding competitive positions in the market are different for each individual bank.

One should also take into account the natural results of the progress of science in the economy of the Russian Federation, as a result of which the processes of an interactive method of banking customer service are developing in the process of carrying out credit and investment operations of the bank. Innovative technologies that exclude direct communication between the bank and the client have found a large number of supporting banks. Therefore, updating remote technologies for banking customer service in the process of carrying out credit and investment operations in most domestic banks looks natural, so it is taken as the basis for determining basic strategies from the perspective of introducing banking credit and investment innovations.

The conducted research shows that the basic strategies for introducing banking credit and investment innovations as technologies for remote servicing of bank clients have distinctive characteristics that are revealed in terms of the main content and possible results. Thus, the traditional strategy involves improving the quality of service on the bank’s existing technological base; opportunistic - characterizes the bank’s orientation towards the leading innovative technology known on the market and does not require high costs for scientific research; The imitation strategy means the bank purchasing a license with minimal costs for its own scientific research. With a defensive strategy for introducing banking innovations, a commercial bank strives to keep up with others, without claiming dominance, and with an offensive strategy, the bank strives for primacy in the market due to a high level of innovation process.

The authors believe that from the point of view of measuring the economic efficiency of innovative processes in a bank, it is important to analyze additional financial flows generated as a result of the implementation of banking innovations, namely innovations in credit and investment activities according to one of the scenarios proposed above and the selected basic implementation strategy in the bank.

We will present additional financial flows generated as a result of the implementation of credit and investment innovations using the example of remote customer service technologies through the system of indicators in Table 1.

Table 1 - Algorithm for assessing additional financial flows of commercial banks

Index	Algorithm	Definition in the algorithm
The amount of the initial financial flow after the introduction of innovations in the bank (IFP)	IFP = AHO + RSK + PR + SSV	AHO - administrative and economic expenses RSK - expenses on customer accounts PR - other expenses TCO - total cost of ownership
Total Cost of Ownership (TCO)	SSV = YAR + HP	YAR - explicit (direct) costs HP - implicit (indirect) costs
Explicit (direct) expenses (ER)	YAR = L + V + OP + V + DO	L - licenses for the use of software for remote customer service technologies in the process of carrying out credit and investment operations B - implementation of project technology EP - carrying out staff training activities B - maintenance of introduced technologies DO - additional equipment
Implicit (indirect) costs (IC)	NR = TI + ZPP + DV	TI - technological changes ZPP - wages of personnel involved in the implementation of innovations DV - additional payments (bonuses) to employees for overtime work
The amount of input financial flow for the introduction of new remote customer service technologies (RFS) in the bank	VFP = OD + DRR + DPR	OD - operating income DRR - income from placement of resources DPR - income from the sale of resources

Research has established that profit from the implementation of banking credit and investment innovations can be obtained, firstly, by reducing costs, which will be provided by new technologies, and secondly, by increasing bank income. Reducing bank costs is measured both in time units and in financial terms and is associated with increased productivity and time savings in bank operations.

As a rule, an increase in bank income as a whole occurs due to the expansion of the bank's client base as a result of effective customer service in the process of carrying out credit and investment operations.

It is advisable to pay attention to the problem of financing the innovation cycle. Research shows that a number of positive aspects in this case have an investment loan that can be provided by the NBU for an innovating bank. This type of loan, on the one hand, has a fairly high-quality package of guarantees, and on the other hand, it provides for external control in order to ensure the effectiveness of its use. State participation in the innovative development of a commercial bank provides a positive impact on the entire financial sector of the country.

Thus, in the economic and social development of the country, the credit and investment activities of banks contribute to: accelerating the growth of the total social product and its components - gross domestic product and national income; faster restoration and modernization of fixed assets of enterprises, thanks to stimulation of the investment process in the form of capital investments, thereby improving the quality and competitiveness of services; productivity growth, etc.

Long-term credit also leads to an increase in effective investment demand in related industries. As a result, there is a multiplier effect of increasing GDP and national income. An increase in national income entails a change in tax revenues to the budget and an expansion of the state’s ability to implement measures provided for within the framework of socio-economic policy. Thus, the implementation of a policy of credit expansion, in addition to its impact on the money supply, also affects other macroeconomic indicators.

2 Analysis of credit and investment activities of commercial banks using the example of Rusfinance Bank LLC

2.1 Organizational and economic characteristics of the bank

Rusfinance Bank specializes in issuing consumer loans through a network of more than 18,000 partners (retail chains and car dealers) and its own representative offices of the regional network in 63 regions of Russia from Kaliningrad to Vladivostok, and also provides remote loans through a contact center.

As one of the market leaders, Rusfinance Bank offers the most comprehensive range of services in the field of consumer lending:

1) car loans;

2) lending at points of sale;

3) issue of credit cards;

4) providing cash loans.

Rusfinance Bank ranks 3rd in terms of the volume of issued car loans based on the results of 2013 (RBC.Rating) and is among the top five leaders in the consumer lending market at points of sale (Frank Research Group).

The Bank has high-level credit ratings from three international rating agencies: Moody's - Ba1/Aa1.ru (Stable Outlook), Fitch - BBB/AAA (rus) (Negative Outlook), Standard & Poor's - BBB- / ruAA- (Outlook Negative). Fitch and Standard & Poor's ratings are investment grade.

Rosbank and Rusfinance Bank are part of the group Societe Generale- one of the largest international financial groups, which adheres to a diversified universal banking model that allows combining financial stability and sustainable development.

The Societe Generale Group was founded in 1864 and has more than 154,000 employees in 76 countries, serving 32 million customers worldwide.

The Group's activities include 3 main areas:

Retail banking business in France;

International retail business, specialized financial services and insurance with a presence in Europe, Russia, Africa, Asia and French overseas territories;

Corporate and investment banking, asset management, high net worth clients and securities transactions.

General license of the Central Bank of the Russian Federation No. 1792 dated February 13, 2013.

The location of the bank's head office is Samara, st. Chernorechenskaya, 42a.

Branch in the city - st. Zwillinga, 68.

The management bodies of Rusfinance Bank LLC are presented in Figure 3.

Figure 3 - Management bodies of the bank Rusfinance Bank LLC

The General Meeting is the highest management body of the bank, making decisions on the main issues of the bank's activities. At the Annual General Meeting of Shareholders, held on June 1, 2013, the Bank's Annual Report for 2012, compiled in accordance with the requirements of the Federal Financial Markets Service of Russia, and the Annual Report of Rusfinance Bank LLC, compiled in accordance with the requirements of the Bank of Russia, were approved. Decisions were made on the distribution of profits and payment of dividends for 2012, an independent auditor of the financial statements for 2013 and the first quarter of 2014 was approved, and a new version of the Charter of Rusfinance Bank LLC was approved (Appendix 1).

The current activities of the Bank are managed by the Chairman of the Board of the Bank and the collegial executive body - the Board of the Bank. The procedure for electing the Chairman of the Bank's Management Board and the Bank's Management Board is given in the Bank's Charter.

Among the issues that were considered at the meetings of the Management Board in 2013: business planning; asset and liability management; adoption of an integrated risk management policy; concept of managing subsidiaries and dependent organizations; classification of loans and advances to customers; changes in the Bank's organizational structure; participation in charity events and other issues.

Rusfinance Bank LLC offers a wide range of products and services for individuals and small businesses: issuing bank cards, consumer and mortgage lending, remote account management services, time deposits, money transfers, lending programs and cash management services for small businesses.

The main source of raising funds for Russian banks remains deposits from individuals. In 2013, positive trends in banks increasing their deposit base continued. Thus, the increase in the portfolio of deposits of individuals in 2013 amounted to 19.0% (in 2012 20.0%, in 2011 20.9%), and the increase in funds attracted from organizations amounted to 13.7% (in 2012 11.8%, in 2011 25.8%). As a result, the share of household funds in bank liabilities increased from 28.8% at the end of 2012 to 29.5% of liabilities at the end of 2013 (28.5% at the end of 2011).

In 2013, active growth of banks' loan portfolios continued. Thus, the portfolio of loans provided to individuals in 2013 grew by 28.7% (in the year - by 39.4%, in 2011 - by 35.9%) and amounted to 9,957 as of 01/01/2014 .1 billion rub.

The volume of the loan portfolio provided to non-financial organizations increased by 12.7% over the year and amounted to RUB 22,499.2 billion. (growth for 2012 - 12.7%, growth for 2011 - 26.0%).

Thus, the share of loans granted to individuals in bank assets continued to grow from 15.6% at the end of 2012 to 17.3% at the end of 2013 (13.3% at the end of 2011), and the share of loans provided to non-financial organizations decreased from 40.3% at the end of 2012 to 39.2% at the end of the year (42.6% at the end of 2011).

Simultaneously with the growth of the portfolio of loans granted to individuals, in 2013 the share of overdue debt in banks’ portfolios of loans to individuals increased from 4.0% to 4.4% (5.2% at the end of 2011). For loans provided to non-financial organizations, the share of overdue debt decreased from 4.6% at the end of 2012 to 4.1% at the end of 2013 (4.6% at the end of 2011).

Despite the slowdown in economic growth in 2013 compared to 2012 and increased competition from both the largest universal banks and actively developing monoliner banks, Rusfinance Bank LLC significantly increased the volume of its retail loan portfolio and the portfolio of attracted funds from individuals and its share in relevant markets.

At the end of 2013, the loan portfolio of individuals of Rusfinance Bank LLC grew by 45.7%. The Bank's share in the retail lending market increased from 11.09% at the end of 2012 to 12.54% at the end of 2013.

Table 2, according to the accounting (financial) statements, presents the main results of the financial and economic activities of Rusfinance Bank LLC for 2011 - 2013.

Table 2 - Main results of financial and economic activities of the bank Rusfinance Bank LLC for 2011 - 2013, in thousand rubles.

Indicators				by 2011 in %
Interest income, total, including:
From placing funds in credit institutions

Continuation of Table 2

From loans granted to clients other than credit institutions
From investing in securities
Interest expenses, total, including:
For funds raised from credit institutions
For funds raised from clients who are not credit institutions
For issued debt obligations
Net interest income
Net interest income after provision for possible losses
Net income
Profit before tax
Profit after tax
Unused profit for the reporting period

No major negative changes are expected in the Russian banking sector in 2014. Lending growth, both bank and corporate, will continue, although the growth rate is likely to be lower than 2012-2013.

The growth rate of retail lending will continue to exceed corporate lending. The population will continue to remain a net creditor of the banking sector, although the growth rate of attracted funds from the population will slow down slightly. At the end of the year, an increase in loans and deposits of the population is expected, both in real terms and relative to GDP.

2.2 Analysis of the bank’s credit and investment activities

The priority activity of Rusfinance Bank LLC banks is to offer a wide range of retail banking products and services to the population and small businesses.

In 2013, Rusfinance Bank LLC continued to implement its retail business strategy, which is based on a customer-oriented approach to business development, aimed at increasing the quality of customer service combined with the desire for higher profitability.

Currently, the product offering of Rusfinance Bank LLC is one of the broadest on the market, covering most of its segments and capable of satisfying almost any customer need.

During 2013, Rusfinance Bank LLC placed funds on the interbank market and increased lending to corporate clients, small businesses and individuals.

The volume of the loan portfolio of Rusfinance Bank LLC increased over the year by 34.08%, and the share of this type of assets (including provisions for possible losses) in the total volume of assets remained virtually unchanged and amounted to 83% versus 86% as of January 1, 2013 .

The change in the structure of loan and equivalent debt for the reporting period is presented by the following data indicated in Table 3.

Table 3 - Structure of the credit and investment portfolio of Rusfinance Bank LLC for 2012 - 2013.

Indicators
Interbank loans and deposits
Loans to legal entities
Loans to individuals
Other placed funds

From the data presented, it is obvious that the strategy of Rusfinance Bank LLC in the field of lending is consistent and did not undergo significant changes in the reporting year. The majority of loan debt consists of funds provided to individual clients.

Table 4 shows the sectoral structure of loans.

Table 4 - Industry structure of loans provided to corporate and individual clients-residents of the Russian Federation

Indicators
Loans to legal entities (including individual entrepreneurs), total, incl. by type of economic activity:
Mining
Manufacturing industries
Production and distribution of electricity, gas and water
Agriculture, hunting, forestry
Construction
Transport and communications

Continuation of table 4

Wholesale and retail trade, repair of vehicles, household products and personal items
Real estate transactions, rental and provision of services
Other activities, incl. for completing settlements
Of the total amount of loans provided to legal entities and individual entrepreneurs, loans to small and medium-sized businesses, of which:
For individual entrepreneurs
Loans to individuals, total, incl. by type:
Housing loans
Mortgage loans
Car loans
Other consumer loans

Lending to the population is one of the priority areas of business for Rusfinance Bank LLC. This circumstance determines the structure of the loan portfolio, the main part of which (excluding transactions in the interbank lending market) is formed through loans provided to individual clients. As of January 1, 2014, the volume of loans to citizens reached 1,143.6 billion rubles, having increased by 44% in 2013. The largest increase was noted in housing loans (83%) and consumer loans (49%), in other areas of lending to individuals, the increase was car loans (30%), mortgage loans (23%).

In 2013, the offices of Rusfinance Bank LLC issued more than 1 million consumer loans totaling 329.7 billion rubles, which is 29% more than the volume of loans issued in 2012.

Products in the line of cash lending to the population are distinguished by transparent financial conditions, short processing times for applications, large limits and long loan terms, a wide network of sales and service channels, as well as high quality service.

The main objectives of Rusfinance Bank LLC in the consumer lending segment in 2013 were: ensuring growth in sales volumes, profitability, as well as reducing the level of overdue debt. Also in 2013, Rusfinance Bank LLC focused on working with corporate and payroll clients who demonstrate a lower level of credit risk, which had a positive impact on the profitability of Rusfinance Bank LLC.

In order to ensure sales volumes:

Promotions were carried out offering reduced interest rates on loans for different segments of borrowers;

The target audience of clients has been expanded;

An offer has been introduced for clients from the market with a good credit history;

In all regions, a cash loan project has been launched that provides the client with the opportunity to receive an amount from one and a half to three times more than the requested amount;

The Refinancing product has been modernized - the opportunity to refinance with Rusfinance Bank LLC, having a loan from another bank;

Pilot projects have been implemented to create pre-approved offers on new, more attractive terms for clients.

To reduce risks and the level of overdue debt, in 2013 the Bank offered clients the opportunity to restructure their debt.

Consumer lending products are provided in all regions where Rusfinance Bank LLC operates.

Positive trends in cash lending will continue in 2014. The main goal for 2014 is to increase lending volumes and, as a result, increase the share of Rusfinance Bank LLC in the lending market, primarily through optimizing internal business procedures accompanying the lending process and offering new attractive financial products aimed at individual customer needs.

In 2013, Rusfinance Bank LLC became the leader in the car lending market in terms of portfolio volume and market share. At the end of 2013, the car loan portfolio amounted to 124.8 billion rubles. (+31% to the figure as of December 31, 2012).

The volume of car loans issued in 2013 was 28% higher than the same indicator in 2012, the increase in sales in units compared to 2012 was 32%.

In July, a state program for subsidizing rates was launched. At the end of 2013, the share of sales under this program exceeded 60%. A significant volume of disbursements under the state program led to a decrease in the average loan amount across the line, a decrease in the average loan term, and a decrease in the average rate on the portfolio. On December 31, 2013, the program was completed.

In October, Rusfinance Bank LLC increased its securitized portfolio from 13 to 18 billion rubles as part of the current transaction, which allowed Rusfinance Bank LLC to continue diversifying its funding sources. Along with other tasks, the focus in 2013 was on minimizing the level of overdue debt.

In 2013, as part of auto lending, Rusfinance Bank LLC launched:

New programs for the purchase of additional equipment and motor vehicles;

New service products: GAP insurance, Autocard;

New projects with car manufacturers Chevrolet (a brand included in the TOP 5 foreign cars in terms of sales in the Russian Federation), SsangYong, UAZ.

In the reporting year, the housing lending market continued its steady growth at a rate comparable to 2012. Based on the results of 2013, the volume of the housing lending market reached 2,765 billion rubles, showing an annual increase of 30%. The volume of mortgage loans issued at the end of 2013 amounted to 1,405 billion rubles, which was 1.3 times higher than in 2012.

Last year, the mortgage market demonstrated an improvement in the quality of mortgage debt. Thus, during 2013, the level of overdue debt on housing loans decreased from 2.24% to 1.57%, which, among other things, was due to market growth.

The development of the mortgage market during the year was positively influenced by the high activity of its participants and increased competition, which contributed to a positive impact on the availability of mortgage loans for the population and the development of mortgage programs operating in the market.

The main trend of 2013 is the reduction of rates in the housing lending market. At the end of the year, rates decreased by 0.7%, reaching a value of 12.2%.

The past 2013 was also characterized by a significant increase in the activity of financial organizations in the segment of lending for housing under construction. Demand for mortgages remained at a high level, and the penetration of mortgage transactions into housing transactions increased. According to Rosreestr and AHML estimates, the share of transactions in the housing market with a mortgage in 2013 was close to 25% compared to 21% a year earlier. In the segment of housing under construction, this indicator reached 40% or more, depending on the class of housing.

In 2013, Rusfinance Bank LLC continued to implement all previously existing mortgage lending programs, reviewing and significantly improving the conditions for some of them to increase their accessibility to the Russian population, and also launched new programs and conducted a number of pilot projects.

In the reporting year, Rusfinance Bank LLC reduced interest rates on foreign currency and ruble loans. For loans in rubles, rates decreased by 1%; for loans in US dollars and euros, a single base rate of 9.5% was established, regardless of the size of the down payment and the loan term.

In the third quarter of 2013, Rusfinance Bank LLC launched a promotion for the purchase of housing in a new building at a rate of 11.5% per annum, which does not depend on the size of the down payment, without a premium for the construction period for most new buildings.

The bank conducted a pilot project to reduce the interest rate for clients who received a mortgage decision from a competitor bank. The rate reduction is no more than 0.31%.

In 2013, the acceptance of applications under the “Mortgage with State Support” program was limited and then stopped due to the end of the program.

At the end of 2013, the mortgage portfolio of Rusfinance Bank LLC reached 483.5 billion rubles, demonstrating an annual increase of 46%. As of December 31, 2013, the mortgage portfolio consisted of 365 thousand existing mortgage loans.

In 2013, lending to legal entities continued to grow. The volume of this type of loan debt increased over the year by 54% and as of January 1, 2014 amounted to 210.4 billion rubles.

The growth rate of the small business segment of Rusfinance Bank LLC in 2013 exceeded market growth by almost 3 times, both in the field of lending and in terms of attraction products. The loan portfolio of small businesses grew 1.35 times, providing 10% growth in the entire loan portfolio. The volume of the small business loan portfolio as of January 1, 2014 amounted to 168.6 billion rubles. (including leasing). The volume of loans issued to small businesses in 2013 amounted to 143.9 billion rubles (including leasing), which was 1.2 times higher than in 2012.

The following activities were implemented in 2013:

A new platform for the remote service system “Bank-Client Online” has been replicated - a modern technological solution that meets the basic needs of clients in increasing the efficiency and ease of access to banking services and services, meeting the requirements for reliability, security and availability of the system. All Bank clients received the opportunity not only to conduct settlement transactions, but also to purchase products and services remotely;

To best meet the needs of clients, the conditions and technologies of credit products have been optimized: product offers for targeted loans and overdrafts have been adjusted; a specialized “Car Dealer Partner” program was introduced; a system for quickly making credit decisions for the most promising clients has been developed; on a regular basis, as part of promotions, clients are offered the most popular loan products on favorable terms;

In terms of settlement and commission products, new services have been introduced and services have been optimized: urgent payments BESP (banking electronic system for urgent payments), allowing client transactions to be carried out online, bypassing the trip system; the opportunity to carry out transactions with the establishment of a preferential conversion rate for clients of the priority small business segment has been provided;

The system of authority for making decisions on credit and non-credit products has been optimized, which allows us to quickly create popular and timely individual offers to clients, making their experience of interacting with the bank convenient and comfortable;

The product line of bank guarantees has been updated - reducing the terms and significantly simplifying the mechanisms for providing guarantees within the powers of the territorial divisions of Rusfinance Bank LLC.

In 2014, Rusfinance Bank LLC plans to increase the portfolio of loans to small businesses by almost a third, and increase the volume of small business liabilities by 20%. To this end, special attention will be paid to the competitiveness of the product offering, as well as the development of additional services and new sales channels.

As part of these tasks, the following are planned:

Further development of remote servicing of legal entity clients:

Operation of the “Bank-Client Online” system with popular browsers, convenient integration with 1C, implementation of a service for working with electronic forms of currency control and individual currency purchase/sale rates;

Introduction of a full service for credit products in the Bank-Client Online system;

A comprehensive review of the parameters of express loans, as well as the introduction of a new sales administration system in the standard small business segment;

Building an effective cross-selling system based on understanding the potential and needs of each client;

Development of a product line with the ability to combine products and services and customize them to meet the needs of specific customers; introduction of additional opportunities for regular customers as part of comprehensive loyalty programs;

Development and optimization of lending technologies aimed at significantly reducing the credit cycle;

Launch of a new deposit line with flexible terms, covering the basic needs of clients for placing temporarily available funds;

Transition to a new contractual system for servicing small businesses - the introduction of a comprehensive agreement for settlement and cash services, which will unite all cash settlement services and allow optimizing customer service;

Qualitative improvement of customer service when making payments under foreign contracts - expanding the capabilities to support transactions by professional currency controllers;

Establishing relationships with foreign banks in order to attract short- and medium-term financing.

At the end of the reporting year, the total number of cards issued by Rusfinance Bank LLC increased by 12%.

The positive dynamics of the issuance of payment cards is associated with the attraction of new customers, which was facilitated by the optimization and improvement of the services offered. During the year, Rusfinance Bank LLC was engaged in improving the services provided to existing cardholders through various marketing activities carried out jointly with payment systems.

Investment activities of banks this is the implementation of investments, as well as all necessary measures and actions to translate these investments into income or a positive effect of some kind (social, environmental, etc.).

Explicit or direct income from investments is usually considered to be profit in the form of interest, dividends, etc.

Indirect income is the strengthening and improvement of the bank’s position, its image, etc. This is expressed in the form of ownership of a controlling stake in an organization, which, in turn, gives the bank control over the management of this organization.

The objects for the investment activities of banks are various securities, newly created or modernized objects of current or fixed assets, objects of intellectual property, cash deposits, etc.

2.3 Assessment of efficiency indicators of the bank’s credit and investment operations

To ensure the stability of the banking system, the Central Bank of the Russian Federation establishes a number of economic standards, i.e. certain coefficients with a given level.

Centrally established economic standards include the following indicators:

Capital adequacy ratio;

Liquidity standards for the balance sheet of a credit institution;

Standards for limiting major risks in the area of ​​attracting and placing resources.

Economic standards regulate, firstly, the absolute and relative level of equity capital of a credit institution, secondly, balance sheet liquidity, thirdly, diversification of active and passive operations of a credit institution, fourthly, the creation by each credit institution of centralized reserves to ensure financial stability of the banking system as a whole.

To comply with economic standards, credit institutions are creating a system of analysis and control. This type of work is carried out by a group of analysts who develop special analysis techniques.

The analysis of economic standards is carried out in the following areas: comparison of the actual values ​​of the indicator with the standard; consideration of the dynamics of changes in the analyzed indicator; identification of factors that influenced the indicators.

At the first stage of the analysis, a table is compiled characterizing the actual level of economic standards in comparison with its maximum value (Table 5).

At the second stage, the compliance of each indicator with its standard level is checked.

At the next stage, factor analysis of significant deviations is carried out. If there is a stable negative trend, such an analysis is carried out on a number of dates to identify the causes of deviations.

Table 5 - Mandatory standards for the activities of the bank Rusfinance Bank LLC for 2011 - 2013.

Index	Coefficient	Standard
Bank's own funds (capital) adequacy ratio
Bank instant liquidity ratio
Bank current liquidity ratio
Bank's long-term liquidity ratio
Maximum risk per borrower or group of related borrowers
Maximum size of large credit risks
The maximum amount of loans, bank guarantees and sureties provided by the bank to its participants (shareholders)
The total amount of risk for bank insiders
Standard for using the bank's own funds (capital) to acquire shares (stakes) of other legal entities

The analysis of the state of capital is considered in conjunction with the analysis of the indicator characterizing capital adequacy (H1).

(H1) is determined by its two components: the volume of equity capital and the amount of total risk of assets. The impact of these components on the regulatory ratio under consideration is opposite: the capital adequacy ratio increases with an increase in the volume of equity capital and decreases with an increase in asset risk. The minimum value of the coefficient is 10% (for 2011 - 23.22%, for 2012 - 17.72%, for 2013 - 15.2%).

The analysis of liquidity ratios begins with the H2 indicator. Its level depends on the volume of the total amount of liquid assets (cash and assets up to 30 days) and the amount of liabilities on demand accounts and for up to 30 days. Criteria level - 15% (for 2011 - 83.18%, for 2012 - 80.56%, for 2013 - 50.93%).

Along with the current liquidity indicator (N2), in accordance with the Instruction of the Central Bank of the Russian Federation No. 1, the bank’s instant liquidity indicator (N3) is introduced, defined as the ratio of highly liquid (cash and non-cash) assets to fast-moving demand deposits. The minimum acceptable value is 50% (for 2011 - 115.1%, for 2012 - 103.01%, for 2013 - 73.01%).

The long-term liquidity of the bank is characterized by indicator H4. It is calculated as the ratio of long-term loans (with a maturity of over one year) to the bank's equity capital and liabilities with a maturity of over one year. The maximum value is set to 120%. As of 01/01/2012 - 73.54%, as of 01/01/2013 - 78.04%, as of 01/01/2014 - 87.11%.

One of the methods of regulating the activities of credit institutions that has been developed recently. It is a limitation of large risks. In this regard, Instruction of the Central Bank of the Russian Federation No. 1 provides for a number of indicators (N6, N7, N9.1, N10.1), with the help of which the maximum amounts of individual active, passive, and off-balance sheet transactions carried out by credit institutions are regulated.

Coefficient N6 characterizes the maximum amount of risk per borrower, as well as a group of economically or legally related borrowers. It is calculated as the ratio of the total amount of loans issued by a credit institution to one borrower or group of related borrowers, as well as guarantees provided to one borrower (group of related borrowers) to the volume of the credit institution’s own funds.

A bank with a larger amount of equity capital may increase the maximum loan amount issued to one client or a group of related clients. The maximum permissible value is 25% (for 2011 - 16.05%, for 2012 - 17.9%, for 2013 - 17.2%).

The H7 coefficient limits the maximum risk of all large loans. In this case, the total loan debt of one borrower or a group of related borrowers, taking into account 50% of the amounts of off-balance sheet obligations, exceeding 5% of the credit institution’s equity capital is considered large.

This indicator is determined as the ratio of the sum of all large loans in the bank’s portfolio to the volume of its own capital. The criterion level is 80%. The indicators of Rusfinance Bank LLC for 2011 were 47%, for 2012 - 79.98%, for 2013 - 124.36%.

Coefficients N9.1 and N10.1 limit the maximum amount of loans, guarantees and guarantees provided by the bank to its participants (shareholders). Indicator N9.1 reflects the maximum risk per shareholder (shareholder) of the bank; indicator N10.1 - maximum risk per its insiders, i.e. individuals who are either shareholders (have more than 5% of shares), or directors and members of the board, members of the credit committee, etc. and those who are or have previously been involved in issuing loans.

Indicator N9.1 is calculated as the ratio of the total amount of the bank's claims in rubles and foreign currency (including off-balance sheet) in relation to one shareholder (shareholder) to the bank's equity capital. Cannot exceed: 50%. The indicators of Rusfinance Bank LLC for the entire analyzed period are 0.00%.

Indicator H 10.1 is defined as the ratio of the total amount of claims (including off-balance sheet) of a credit organization in rubles and foreign currency in relation to one insider of the credit organization and related persons to the bank’s own capital. The value cannot exceed: 3%. As of 01/01/2012 - 0.86%, as of 01/01/2013 - 0.9%, for 01/01/2014 - 0.93%.

For the first time in Russia, an indicator is being introduced that limits the share of the use of a bank’s own capital for the acquisition of shares (shares) of other legal entities. This indicator is N12, calculated as the ratio of the size of invested and own funds of a credit institution. Investment refers to the acquisition by the bank of participation interests and shares of other legal entities. The maximum permissible value of H12 is set at 25%. The indicators of Rusfinance Bank LLC as of the reporting period were: as of 01/01/2012 - 0.01%, as of 01/01/2013 - 0.14%, as of 01/01/2014 - 0.65%.

Thus, based on the data presented, we can conclude that not a single indicator exceeds the maximum/minimum permissible value. And, therefore, there is reason to believe that today Rusfinance Bank LLC is a financially stable and prosperous Bank.

For a more complete analysis, we will calculate and evaluate financial solvency ratios (Table 6).

Table 6 - Efficiency indicators of credit and investment operations of Rusfinance Bank LLC for 2011 - 2013.

Continuation of table 6

Coefficient general stability
Coefficient return on assets
Capital adequacy ratio
Capital adequacy ratio
Coefficient full liquidity
Rate of return on capital
Return on assets ratio
Profitability ratio
Profit share ratio in bank income

Thus, the instant liquidity ratio (K1) allows us to estimate the share of the bank’s liabilities that can be repaid on demand using “first priority” liquid assets.

The level of income-generating assets (K2) shows what share of assets is occupied by income-generating assets. Since almost all income-generating assets are risky, their extremely high share increases the bank’s instability and the risk of non-payments, both for current operations and for its obligations. At the same time, the size of profitable assets must be sufficient for the bank to break even. It is considered normal if the share of profitable assets is 65-75%, or lower, but provided that the bank’s income exceeds its expenses.

The overall stability coefficient (K4) allows you to compare multidirectional flows of interest received and paid by the bank, as well as income and expenses for all types of bank activities. For a bank to remain viable, the costs of operations and investments must be covered by the income generated, and if these are not sufficient, the bank can be described as ineffective. The value of the overall stability coefficient should not exceed 1.

The return on assets ratio (K5) allows you to determine the level of profitability of all assets. Low profit margins may be the result of conservative lending and investment policies, as well as excessive operating expenses. A high profit-to-assets ratio may be the result of efficient bank operations and high rates of return on assets. In the latter case, the bank may be exposing itself to significant risk. This is not necessarily a bad thing, as the bank is likely managing its assets well, although potentially large losses cannot be ruled out.

The capital adequacy ratio (K6) shows what share in the structure of liabilities the bank's own capital occupies. The higher its share, the more reliable and stable the bank operates. The level of capital is considered sufficient if the bank's liabilities amount to 80-90% of the bank's balance sheet currency.

The total liquidity ratio (K7) characterizes the balance of the bank’s active and passive policies to achieve optimal liquidity. Moreover, liquid assets must exceed the value of the bank's current liabilities. This, on the one hand, characterizes the bank’s ability to pay its obligations in the long term or in the event of bank liquidation. It also talks about whether the bank spends attracted funds (from clients) for its own needs.

In addition, there are a number of coefficients characterizing the profitability and profitability of the bank.

Rate of return on capital. This ratio shows how effectively the owners' funds were used. The optimal value is 0.1-0.2. For our example, the values ​​do not fall into this interval, this indicates that the owners’ funds are not used efficiently.

This ratio reflects the efficiency of bank management and shows how much profit one monetary unit of the bank’s funds invested in assets generated, i.e. efficiency of the bank's placement of its own and borrowed funds. By correlating profit with the value of the bank's assets, we can judge the effectiveness of the investment policy pursued by the bank's management.

In turn, the profit on assets is directly dependent on the return on assets (P3) and the share of profit in the bank’s income (P4).

Return on assets is characterized by the bank's activities in terms of asset allocation, that is, the ability to create income.

Based on the data presented in Table 5, it can be concluded that the Bank can repay a share of the necessary obligations on demand using available liquid funds.

Summing up the first section, we can confidently say that Rusfinance Bank LLC is a reliable and stable bank and fully copes with its tasks.

3 Problems and prospects for the development of credit and investment activities of commercial banks

Currently, the development of the Russian economy is taking place in conditions of extremely low credit and investment activity of the banking sector.

According to the Federal State Statistics Service (Table 7), investments have been and continue to be made by Russian enterprises mainly from their own funds (profit, sinking fund, etc.).

Table 7 - Sources of investment by Russian enterprises in fixed assets for 2010 - 2013

Indicators
	Amount, billion rubles		Amount, billion rubles		Amount, billion rubles		Amount, billion rubles
Investments in the main capital, including:
Own funds
Loans

Bank credit acts as the main form of external financing for enterprises, but the share of bank loans in investment sources over the past four years has not exceeded 10%. This indicator is extremely low, despite the fact that attracting funds from external sources allows you to speed up the process of organizing a new enterprise, ensure the continuity of the reproduction process, and allow you to develop faster in quantitative and qualitative terms.

Banks, by mobilizing funds of various volumes and terms, have the opportunity to make credit and investment investments in production in the amount and for the terms that borrowers need. However, there are a number of problems that hinder the effective and widespread lending and investment activities of banks. As a result of the study, the following problems were identified:

High interest rates on loans provided;

Low share of long-term lending;

Reducing the share of investments in securities in favor of the loan portfolio, a small volume of the investment portfolio in the total volume of investments in securities.

Let's look at each problem separately.

1) The problem of high interest rates remained relevant throughout the entire history of the Russian banking system. It is the reason for the restrained growth in borrower activity, leading to increased costs and a decrease in profits in the real sector of the economy. For banks, this is reflected in significantly limited opportunities for growth in business volumes and increased risks.

The average structure of the loan interest rate for the bank's ruble loan portfolio is as follows: approximately 46% of the loan interest rate is determined by the availability of financial resources from the bank and their price. The remaining 56% of the interest rate is the bank margin, and is formed under the influence of contributions to reserves, personnel costs, operating activities, taxes and profits.

There is an opinion that the key factor behind high lending rates is high bank margins (or overvaluation of risks). However, lending rates only in theory depend on these factors. Risk assessment and margin are formed on a residual basis - depending on the rates for providing liquidity by the Bank of Russia.

The most important factor is the amount of liquidity that the Bank of Russia provides to the market. If, at the current level of liquidity, the bank reduces rates, then its free resources will very quickly run out. In their interest rate policy, banks are guided by the ratio of loans and deposits, which should tend to 100%, that is, the volume of loans must correspond to the volume of deposits.

Thus, the main reason for high interest rates is the lack of liquidity in the banking sector.

2) Long-term credit has an important role in the country's economy as a source of funds for the formation and improvement of fixed assets of the national economy. For banks, long-term lending is no less important - by issuing long-term loans, banks form a completely stable clientele, the need for frequent negotiations with clients disappears, and risk is diversified.

At the same time, when client enterprises direct long-term loans received for re-equipment and reconstruction, their production expands and profitability increases, which is also a positive factor for the bank. Every year the share of long-term lending by Russian banks is growing, but in 2013 it remained low and amounted to 41% of the total volume of loans issued.

For comparison, in the USA and Western European countries more than 60% of loans provided are long-term.

To identify the reasons for the low share of long-term lending, let’s consider the volume of deposits attracted by banks and loans issued by maturity (Table 8 and Table 9).

Bank of Russia statistics do not indicate the terms of loans for individuals; therefore, the volume of long-term lending to individuals is taken as the volume of issued mortgage loans, because Their repayment period in most cases exceeds 3 years.

Table 8 - Total volume of attracted deposits (deposits) of individuals and legal entities by Russian banks by maturity in 2010 - 2013, million rubles.

Deposit term
poste restante
for up to 30 days
for a period from 31 to 90 days
for a period from 91 to 180 days
for a period from 181 days to 1 year
for a period from 1 year to 3 years
for a period over 3 years

Table 9 - Total volume of loans issued to individuals and legal entities by Russian banks, the repayment period of which exceeds 3 years for 2010 - 2013, million rubles.

An analysis of tables 8 and 9 revealed a fundamental discrepancy in the terms of deposits and issued loans. In 2013, the volume of long-term loans issued amounted to 8,860,148 rubles, while the volume of long-term deposits for the same period amounted to only 2,064,090 rubles. There is clearly a significant shortage of long-term resources in the banking sector, which brings us back to the liquidity shortage discussed above.

The situation is different in lending to small and medium-sized businesses. According to statistical agencies, approximately 62% of the current portfolio of loans to small and medium-sized businesses today are short-term loans, another 20% are loans with a repayment period of up to three years. Banks, having a limited amount of long-term resources, offer them to clients who seem to be the most important for the bank, and most often these are clients of the corporate sector. In the case of small businesses, banks convince clients in this sector that their financial needs can best be met through short-term loans. Gradually, the practice of issuing short-term loans to entrepreneurs who apply for a long-term investment loan with a promise to prolong the loan agreement in the future has become widespread in the Russian banking sector.

3) Despite the wide variety of bank operations in the investment market, the banking sector of the national economy shows a tendency to reduce the volume of the securities portfolio in favor of the credit portfolio. In 2013, the volume of financial investments by banks in securities amounted to 8,077 billion rubles. The portfolio is dominated by investments in debt obligations, amounting to approximately 70% of the total investment in 2013, while more than half of the debt securities of Russian banks are obligations transferred without derecognition, i.e., they are used as collateral for repo transactions. Investments in equity securities account for only 9.7% of the total investment.

Thus, the stock market for Russian banks is an auxiliary tool for purchasing securities from the Lombard list of the Bank of Russia and obtaining additional liquidity against their collateral, and the investment component of investments in securities is very small.

Investments in securities are a direct alternative to lending activities. The securities market is a more modern and efficient system for attracting resources by enterprises.

In developed countries, according to existing estimates, up to 75% of external financial resources come from the securities market, while in Russia the main source remains bank credit, and the stock market is an auxiliary tool for banks to obtain additional liquidity to issue a larger volume of loans.

It is known that the stock market has a number of problems, such as insufficient development, low investment attractiveness of a significant number of Russian enterprise issuers, a wide range of risks, etc. Banks, in our opinion, can become the main driver of the development of the stock market and overcoming its existing problems. To do this, it is necessary to find a significant source of liquidity for banks, which will allow them to reorient their activities in the stock market from the purchase of pledged securities to investment investments in order to generate income in the future.

Thus, the main problem in the lending and investment activities of Russian banks is the lack of liquidity.

In our opinion, securitization of financial assets can become a significant source of liquidity. In economically developed countries, securitization is one of the main and most effective sources of resources for credit institutions. In the broadest sense of the word, securitization means a form of debt repurchase. In banking practice, it means “the replacement of non-market loans with freely tradable securities, which entails the transfer of loan obligations to the credit organization that carried it out.” In a narrow interpretation, this is “a technique whose main idea is to write off financial assets from the balance sheet of an enterprise and refinance them through the issuance of securities on the international market and the capital market.”

Classic securitization looks like this. Banks (in international practice, originators) issue loans to individuals (borrowers), receiving real estate collateral as collateral - mortgage loans, the rights of claim for which are sold to an SPV (according to the Law of the Russian Federation “On Mortgage Securities”, to a mortgage agent). These banks create their own mortgages based on mortgages or purchase them from other lending institutions. Such mortgages sold by the SPV form the security for the mortgage bonds it issues. To reduce the costs of issuing these bonds and optimize taxation, the SPV is located offshore. From the proceeds from their placement, the SPV pays the purchased mortgages to the originator, who services the securitized assets, receives receivables, manages them and, if necessary, ensures their collection in court. And the money received by the originator from the borrowers is transferred to the SPV for settlements with investors, to whom it pays interest on mortgage bonds and the amount of the principal debt on time.

In Russia, securitization began to be used relatively recently and is not used enough. In recent years, there have been more than 35 securitization transactions of Russian mortgage assets worth more than 200 billion rubles. The main limiting factor hindering the development of the securitization market is the small number of systemic investors creating demand for mortgage and non-mortgage securities. There are only two of them in Russia - the State Management Company of the Pension Fund of the Russian Federation (Vnesheconombank), and the Agency for Housing Mortgage Lending, while their volumes of funds for investment are very limited. Therefore, it is necessary to expand the circle of system investors and attract private ones. An important step, in our opinion, could be attracting funds from non-state pension funds.

The cost of funding using securitization can only be determined after the securities are issued. At the same time, according to experts, the results of placements by other banks can be used as a guide. As a result of the analysis of securitization transactions carried out by other banks, it can be concluded that the price of additional financial resources received by the bank will be approximately 7-8.5%. The calculation of transaction costs depends on various factors: the life of the portfolio, the volume of the transaction, etc.

A rough estimate is in the range of 0.4-0.8%. As a result, we have an average cost of funding approaching 8.35% per annum. For comparison, the cost of banks attracting household deposits for a period of more than three years is approximately 9% per annum, which makes securitization a more profitable source of liquidity for banks. Additional funds can be used to reduce interest rates on loans, increase the volume of long-term lending, reduce investments in collateral securities and increase the volume of investments in the stock market.

Conclusion

Banks are the dominant link in the country's financial system, which saturates the Russian economy with monetary resources. At the same time, they strive to maximize the level of efficiency of credit and investment activities by determining priority areas of investment.

Identification of optimal ways of investment occurs in the process of modeling the bank’s credit and investment activities, which necessitates the development of a methodology that will be aimed at assessing the effectiveness of the bank’s credit and investment activities.

Since the correct choice of a bank’s credit and investment strategy and its effective implementation directly depend on the correct understanding of the purpose of this management tool, determining the essence of this concept requires a more in-depth study.

In economic literature, the term “investment” usually means funds invested in securities for a long term. This is a theoretical reflection of actually existing economic relations, since investment mechanisms in a market economy are directly related to the securities market. Also, the term “investment” means: all areas of allocation of bank resources; transactions involving the placement of funds for a certain period of time in order to generate income. In the first case, investments include the entire complex of active operations of a commercial bank, in the second - its urgent component.

The main areas of banking participation in investments are: investment of funds, both on behalf of the client and at the expense of the bank, in equity participations, shares, securities; accumulation of funds by banks for investment purposes; provision of investment loans.

Commercial banks carry out their investment activities using borrowed, attracted or own resources. Since banks form their resources by mobilizing their capital, customer savings and other available funds with the main goal of their profitable and beneficial use.

One of the most important sources of bank profit is the implementation of lending activities. The emergence of bank lending is associated with the solution of a certain limitation. Building credit relations on the lender-borrower principle would restrain the expansion of the boundaries of credit and its attractiveness for subjects, because the organization of such relations would be much more expensive, slower, riskier and more inconvenient.

The need to overcome these contradictions led to the development of financial intermediation as an activity for the accumulation of free money capital and its placement among borrowers. Thus, the development of the bank’s lending activities is not due to the emergence of the need of business entities for credit, but is a logical continuation of the function of financial intermediation.

In the economic literature there is no clear definition of the concept of “bank lending activity”; most scientists identify it with the concepts of “bank lending activity” and “bank credit operations”. The impossibility of identification is due, firstly, to the difference in their content, and secondly, due to the difference in the interpretation of the words “operation” and “activity”, because the latter in a broad sense means the application of one’s labor to something, work, occupation, activity, actions, work of people in any area, etc.

The study of economic literature made it possible to formulate a definition of the concept of “credit and investment activity of a bank” as an activity that is carried out in accordance with the concept of bank development based on a system of measures aimed at the effective use and coordination of available resources, technologies and competencies, taking into account the variability of the credit and investment climate in the country for the gradual achievement of the established goals of the bank’s activities.

The bank's lending activities consist of the following stages: formation of a credit policy; material and technical equipment of credit departments; software development; carrying out credit operations; risk management of the bank's credit activities; analysis of bank lending activities.

In addition to interest expenses, considerable funds must be spent to ensure the preparatory stages and the next functional stages of the bank’s lending activities. Even to carry out each individual operation, not only credit resources are required, but also the provision of credit procedures for the consideration and support of credit projects, which requires financial costs for the maintenance of bank personnel and equipment. Therefore, if non-interest expenses are additionally included in the calculations of the efficiency of a bank’s lending and investment activities, the result may even turn out to be negative, despite the high profitability taken into account with the inclusion of only interest expenses. Also, in modern conditions, the principles of rational lending are of particular importance, requiring a reliable assessment of not only the object, subject and quality of collateral, but also the level of margin, profitability of credit operations and risk reduction.

The assessment of the effectiveness of a bank's lending and investment activities occurs primarily at the level of the ratio of the difference between interest income and interest expenses to the volume of assets involved. At the same time, carrying out all stages of the bank’s credit and investment activities gives grounds to assert that interest expenses are only one component of the overall structure of expenses of this activity.

Having examined the essence of credit and investment activities of banks, the following conclusions can be drawn:

To effectively use attracted resources, banks invest in securities. In order to obtain the maximum level of profit, high-yield assets with an optimal level of risk and liquidity are purchased;

The bank's credit and investment activities developed as a continuation of the financial intermediation function of banks;

To ensure an optimal level of credit and investment activity, it is necessary to ensure the formation of a credit policy and provide credit departments with the necessary resources;

For the purpose of effective credit and investment activities, it is necessary to adhere to the principles of lending and objectively predict the level of profitability of credit operations, and take measures to reduce credit risk.

In particular, for Rusfinance Bank LLC, the priority areas of credit and investment activity should be: lending to individuals and legal entities, as well as changing priorities in the composition of the securities portfolio.

To ensure the growth of the credit and investment portfolio, it is necessary to increase the volume of the bank’s own capital and deposits of individuals.

For Rusfinance Bank LLC, we can recommend continuing to invest in securities and lend to legal entities. However, the share of transactions with securities should not exceed 30-35% of the volume of credit transactions, since they are less profitable.

To grow the credit and investment portfolio, we recommend increasing the volume of physical deposits. persons and liabilities, volumes of deposits of legal entities. This methodology for assessing the effectiveness of a bank’s credit and investment activities can be used by the bank in the process of developing and modeling credit and investment activities.

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"Financial Bulletin: finance, taxes, insurance, accounting", 2009, N 3

The Russian banking system, despite several years of existence in favorable conditions, was actually unable to achieve a level of development that would allow banks to feel confident in a liquidity crisis. Access to cheap resources, observed over the past few years, has provided banks with the opportunity not to think about the problems of forming a resource portfolio. The ensuing financial crisis showed the fallacy of this approach, which did not allow for a well-thought-out policy for the formation of liabilities.

The volume of the resource base of the banking system fluctuates due to the actions of depositors, significant resources are converted and transferred to foreign financial markets, institutional and collective investors reduce the volume of placement of funds in bank deposits and prefer government securities. In the current situation, the struggle between Russian and foreign banks for clients generating significant financial flows is significantly intensifying.

This situation necessitates the involvement of professional market entities - investment banks, whose main task is to develop a strategy and implement a program for attracting capital both into the banking system and into the real sector of the economy, including through attracting long-term financing even in conditions of a liquidity crisis. The tasks facing investment banks in the current situation make it possible to talk about their important role in the formation of the investment potential of the banking system, which is especially relevant in the context of an aggravation of the financial crisis.

Structure of the investment potential of the banking system

To formally describe the structure of the investment potential of the banking system, it is necessary to consider several approaches: banking, market and relative. The feasibility of using several approaches is due to the fact that in order to form the investment potential of the banking system, necessary and sufficient conditions must be met. The necessary conditions describe the characteristics of the banking system itself. Sufficient conditions allow us to characterize the parameters of the investment market, that is, investment consumers.

The banking approach allows us to formally describe the investment potential
from the point of view of analyzing the necessary conditions: financial, institutional,
economic, administrative, corporate, innovative. IN
in accordance with the banking approach, the investment potential of banking
systems (IPBS) can be represented as a sum of potential elements:
BS
IPBS = SUM IP + SUM IP + SUM IP + SUM IP, (1)
BS i Bi j Kj n MBKn m BSm
where SUM IP is the sum of investment potentials of banks, i, where I
i Bi
- number of banks in the banking system;
SUM IP - investment potentials of corporations, which include
j Kj
banks, j, where J is the number of corporations that include banks;
SUM IP - increase in investment potential taking into account opportunities
n MBKn
interbank capital flow, n, where N is the number of transactions on
interbank capital flow (for example, the number of interbank
loans);
SUM IP - accumulated potential of the banking system as a whole
m BSm
(the attractiveness of creating new banks, government incentives and
budget financing of the banking system, etc.), which can
assessed by experts, m, where M is the number of operations that form
accumulated potential of the banking system.

The possible synergistic effect is taken into account within the accumulated potential of the banking system and consists of an additional increase in potential through the interaction of various investment banks with each other. Sufficient conditions characterizing the market's ability to accept investments from the banking system are described based on the market approach, which is expressed by the following equation:

IPBS = SUM Vc + SUM Vb + SUM Vs + SUM Vd , (2)
р i Бi j Дj n Аn m Пm
where SUM Vc is the amount of long-term loans issued by the banking system
i Bi
loans, i belongs to , where I is the number of banks in the banking
system;
SUM Vb - total value of debt securities traded on the market, j
j Дj
belongs to , where J is the number of debt securities on the market;
SUM Vs - total market volume, as well as estimated value
n An
non-exchange market of shares and shares, n belongs to , where N is the number
stock and unit securities on the market (including over-the-counter);
SUM Vd is the total capacity of the derivatives market,
m Pm
m belongs to , where M is the number of financial derivatives
tools on the market.

Then the difference between the potentials calculated on the basis of these approaches allows us to estimate the real growth potential of the investment market, i.e. growth potential of investment services of the banking system.

DELTAIPBS = IPBS - IPBS = RPR (3)
r BS IR

The most important factors by which the investment potential of the banking system can be assessed include: capitalization of the banking system; liabilities terms; cost of sources; reliability of investments; environmental stability. Each of these factors directly affects investment potential, but the influence of these factors is multidirectional. In particular, an increase in the capitalization of the banking system leads to an increase in its investment potential, and an increase in the cost of sources, on the contrary, reduces the potential.

To take into account the multidirectional influence of these factors, it is possible to use a relative approach.

The relative approach allows us to take into account the dynamics of the influence of both positive and negative factors on the investment potential. Its essence lies in predicting the dynamics of the investment potential of the banking system, taking into account the dynamics of changing trends in the influence of the identified factors:

F(x ; x ; x ; x)
1 2 3 4
IP = -----------------, (4)
g(x ; x ; x)
5 6 7

where f(...) is a function of factors that have a positive impact on investment potential;

g(...) is a function of factors that have a negative impact on the investment potential of the banking system.

Based on the correlation of trends in changes in positive and negative factors, the dynamics of changes in the investment potential of the banking system can be predicted.

Services of investment banks in the process of forming the investment potential of the banking system

One of the main vectors of modern global competition is the increasing importance of resources attracted to the banking system. In this regard, the role of financial intermediaries is increasing, who are directly involved in the process of attracting resources and provide services to prepare banks for entering financial markets. Financial intermediaries are usually investment banks that have a clearly defined range of services and specialize in specific transactions.

To understand the influence of investment banks on the process of formation and change in the investment potential of the Russian banking system, the author has developed a methodology for assessing the influence of investment banks on the formation and dynamics of the investment potential of the banking system, including the construction of a matrix for comparing the services of an investment bank and factors in the formation of investment potential, as well as a multi-level assessment of capitalization factors . Based on an analysis of the mutual dependence of the services of investment banks and the structure of investment potential, a comparative assessment of the influence of a specific function on a specific element of investment potential was carried out (Table 1). The comparison allows us to develop a program for increasing the effectiveness of the influence of investment banks on investment potential by identifying the most problematic elements and focusing on specific functions.

Table 1

Comparison of the functions of an investment bank with factors influencing the investment potential of the banking system

Table 1 illustrates the point that each function of an investment bank directly affects the factors of investment potential. In this regard, when identifying the main problems of the banking system in terms of investment potential, it is possible to identify the most important functions at a particular point in time. Based on priority functions, the role of an investment bank can be chosen in the formation of investment potential. In particular, if the cost of sources is high, then the investment bank focuses on financial advice, analytical and valuation services. Thus, each factor implies a shift in emphasis in the activities of an investment bank. However, an investment bank should not be limited to these roles. The choice of role is greatly influenced by the structure of the investment bank's clients:

• participants in the banking system;
• non-banking sector;
• own divisions providing other services;
• state.

Depending on the specifics of the client, the investment bank changes its services. For example, for participants in the banking system, an investment bank can become a financial promoter and technical executor of transactions, for the non-banking sector - an investment consultant, for its own divisions - an analyst and appraiser, for the state - an asset manager.

Increasing the capitalization of investment banks as a tool for forming the investment potential of the Russian banking system

It should be noted that the development of the investment potential of Russian banks and the banking system as a whole in conditions of increasing competition requires the development of effective management tools that affect the overall capitalization of the bank (helps increase the investment potential of its resources), improve the quality of services offered (helps increase the investment potential, related to the provision of services) and the influx of capital (including foreign) into the financial sector of the Russian economy.

Next, we will consider and classify the factors that influence capitalization, and as a consequence, the investment potential of banks. The classification into macro-, meso- and micro-levels is based on their impact primarily at the country, regional and corporate levels, respectively.

Macro-level factors determine the influence of political, economic, legal, force majeure, socio-cultural, moral and ethical characteristics of the country where the bank is located. In the economic literature, these factors are traditionally combined into a group of fundamental ones (country and sectoral) and are considered from the standpoint of fundamental analysis.

Meso-level factors combine elements of regional influence on the level of capitalization of investment banks in the market of specific regions of the country. They include economic, political, legal, social and other factors in the context of the hierarchy of regions of the country. The growth of regional capitalization has a significant impact on maximizing the value of assets of banks in these regions. In terms of determining the capitalization of regions, territory as a factor remains, and the question of the assets that a particular territory has (including various sectors of the regional economy) is even more significant. Thus, an increase (decrease) in the status of regional development significantly affects the capitalization of the investment bank of the region as a whole.

Micro-level factors include the financial and economic condition of the investment bank, its production and strategic potentials, the competitive environment, corporate and organizational structures, elements of the business system and strategy, the bank’s ability to generate stable cash flows in the long term and use the full variety of investment relationships, as well as direct features of circulation and characteristics of equity securities, formation, management and controlling of the capital structure, etc.

It should be noted that the influence of the factors considered in developed and developing markets is different. In developed markets, the investment potential of banks is largely influenced by micro-level factors, while in emerging markets, macro- and meso-level factors are of significant importance.

In the context of the development of the financial crisis in Russia, the strongest influence is exerted by factors associated with changes in the stability of the country's investment banks, namely: government intervention (support), influence on the restructuring and reorganization of banks, changes in world prices for resources, as well as factors associated with changing the capital structure and attracting (leaving) strategic partners.

It should be noted that the main problems of growth of equity capital of Russian investment banks today are:

• a crisis of liquidity and confidence in the market, making it difficult to attract strategic and financial investors;
• weak development of the management concept of the corporate sector and the absence of corporate thinking focused on maximizing value;
• insufficient financial transparency and level of information disclosure;
• unfavorable investment climate in the country;
• the virtual absence of capitalization of industries and regions;
• a significant amount of corporate conflicts in the market;
• increasing the level of global competition and consolidation of the banking business as a whole;
• the problem of ineffective functioning of the “transitional system” of property relations;
• poor performance of the Russian judicial system and law enforcement system.

The presence of these problems makes it necessary to optimize the capital management of investment banks by expanding the tools for increasing capital, as well as developing recommendations aimed at creating a management concept in the financial sector of the economy, aimed at increasing the capitalization of the banking system as a whole.

In the process of considering the fundamentals of capital management for investment banks, it is worth highlighting the tools for quantitative influence on the factors of capital maximization, taking into account internal and external business investment. We list the main and frequently used tools:

• Issue of shares.
• Issue of bonds (including Eurobonds).
• Issue of depositary receipts.
• Use of cash and non-cash dividends.
• Procedures for (reverse) acquisition of shares.
• Procedures for converting (into shares) other securities.
• Share split/consolidation.
• Sale of shares to strategic investors.
• Obtaining a securities listing.

It can be noted that the use of most of the above tools is currently difficult, both due to the existing liquidity crisis in the market and due to the general decline in the level of investor confidence in the Russian banking system.

In this regard, we can conclude that it is necessary to develop an organizational and economic mechanism for solving the problem of increasing the capital of investment banks and measures in the field of increasing the investment potential of the banking system as a whole. Such measures will facilitate the high-quality implementation of certain government functions, primarily the mobilization of funds and their subsequent transformation into loans and investments to ensure sustainable development of the real sector of the economy.

Teacher

Moscow financial and industrial