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BSTDB at a glance
The Black Sea Trade & Development Bank is an international financial institution with supranational status and a mandate to foster economic growth and regional cooperation amongst its Member States in the Black Sea Region.
Baa2/ P-3/ Negative
BBB+/Watch Neg/A-2
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Target Borrowers & Projects
- Public and private companies with operations in one or more of the Member States.
- Transaction benefits Member State/s and has develop. impact.
- Economically sustainable / financially viable so Bank participation will be profitable and the undertaking will prove sustainable beyond BSTDB’s involvement
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Products & Services
- Lending: Short to long-term loans, typically extended in USD or EUR
- Guarantees
- Trade Finance: Firms importing from Member States and regional exporters
- Co-financing
- SME’s: Financing through credit lines to local financial intermediaries
- Bank equity / funds: Equity investments, looks to take stake of 5-25%
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Sectors
- Energy
- Public utilities
- Environ. protection
- Telecoms
- Financial institutions
- Manufacturing
- Transport
- Municipal Services
- SME’s and Trade Finance
Historical Portfolio Development (€ millions)
Financial Statements Summary (€ 000’s)
YEAR END | 2020 | 2021 | 2022 | 1H 2023 |
---|---|---|---|---|
Assets | 2,809,019 | 3,225,109 | 2,935,465 | 2,519,303 |
Liquid Assets | 722,289 | 890,671 | 879,129 | 704,147 |
Loan Portfolio | 2,042,921 | 2,344,438 | 2,056,336 | 1,815,156 |
Liabilities | 1,965,311 | 2,349,387 | 2,099,108 | 1,640,334 |
Borrowings | 1,901,714 | 2,274,160 | 1,915,655 | 1,479,169 |
Other Liabilities | 63,597 | 75,227 | 183,453 | 161,165 |
Members Equity | 843,708 | 885,722 | 836,357 | 878,969 |
Interest Income | 97,856 | 105,171 | 151,268 | 88,539 |
Interest Expenses | -61,048 | -58,492 | -59,021 | -35,925 |
Net Interest Income | 44,235 | 60,478 | 96,635 | 44,035 |
Operating Income | 50,170 | 51,004 | 63,772 | 39,165 |
Income Before Expected CR Losses | 29,387 | 29,600 | 40,383 | 27,122 |
Income for the Period | 14,215 | 43,897 | -27,586 | 40,007 |
Historical Development (%)
BSTDB Capital Structure (EUR 000’s)
Authorised Capital | 3,450,000 |
Subscribed Share Capital | 2,288,500 |
Paid In Share Capital | 686,550 |
Reserves Member Equity | 83,397 |
Retained Earnings | 109,022 |
Total Members Equity | 878,969 |
Member States Capital Share
Outstanding Loan Portfolio by Country
Credit Summary
- Highly experienced Senior Management Team
- Strong capitalization compared to peers
- High portfolio regional and sector diversification with 9 sectors represented
- 63% of all Stage 3 loans fully provisioned
- Robust liquidity position with no liquidity gaps on the balance sheet even in stressed scenarios
- No significant rate or FX exposures
Source: Information from Condensed Interim Financial Statements as of 30.06.2023