EBN BANCO DE NEGOCIOS SA


Type of ratings: Financial institutions

Rating value: BBB-

Outlook:  Stable

License: EthiFinance Ratings

Solicited

  • BBB-

    ISSUER RATING

    Long term

  • OUTLOOK

    Stable

Initiation date

17/03/2021

Rating date

15/03/2024

Contacts

Rating Action 

EthiFinance Ratings mantiene la calificación de EBN Banco de Negocios, S.A. en “BBB-”, manteniendo la tendencia “estable”.

Rating Rationale

La calificación de crédito se fundamenta en un holgado colchón de liquidez con ratios que obtienen la máxima calificación con arreglo a la metodología bancaria de EthiFinance, una sólida posición de solvencia, y una ratio de mora que muestra una tendencia a la baja, principalmente como resultado de la buena evolución de la cartera de préstamos morosos del sector privado. Asimismo, la rentabilidad se ha incrementado significativamente por el fuerte aumento del margen de intermediación durante los primeros nueve meses de 2023.

No obstante, la calificación de crédito se encuentra constreñida por el reducido tamaño de la entidad. Si bien la eficiencia ha mostrado una mejora notable durante los primeros nueve meses de 2023, se mantiene en los niveles intermedios de la metodología de EthiFinance. Además, el entorno económico es complejo, con expectativas de desaceleración de la economía española, lo que podría contraer la generación de crédito y provocar un aumento en la morosidad en los próximos períodos.

EBN ha mostrado un buen rendimiento financiero durante los últimos nueve meses del 2023, EthiFinance Ratings está a la espera de la información financiera correspondiente al ejercicio fiscal completo del 2023 para complementar su análisis con información anual.

Resumen Ejecutivo

EBN Banco de Negocios, S.A. (en adelante, “EBN”) es una entidad de crédito española constituida en 1991 que ofrece productos especializados de banca mayorista y de inversión a empresas medianas, así como soluciones de ahorro, inversión y financiación para particulares. 

Fundamentos 

  • Sólida posición de solvencia: La ratio de capital ordinario fully loaded de nivel 1 (CET1) cerró los primeros nueve meses de 2023 en el 15,57%, situándose en el rango alto de nuestra metodología (al considerar el resultado hasta la fecha, la ratio proforma fully loaded ascendería a 16,34%).

 

  • Niveles de liquidez muy confortables: La ratio loan-to-deposits se ubicó en el 64,2% al cierre de septiembre de 2023 (9M 2022: 83,7%). La ratio de cobertura de liquidez (LCR) y la ratio de financiación estable neta (NSFR) se situaron, respectivamente, en el 887,5% y 181,1%, superando ampliamente el requisito mínimo regulatorio del 100%.

 

  • Ratio de activos morosos del sector privado reducida: La tasa de morosidad total cerró los primeros nueve meses de 2023 en el 2,79% (9M 2022: 4,85%), una notable reducción de los créditos clasificados en fase 3, lo que se debió principalmente a la buena evolución de la cartera de préstamos morosos del sector privado (lo que llevó a su reclasificación de riesgo a fase 2 desde fase 3). No obstante, cabe mencionar un acreditado clasificado en fase 3 que, en base a los acuerdos de reestructuración y quitas, el Banco ha procedido a provisionar íntegramente y a reclasificar la operación como fallida. Respecto a los riesgos en fase 2, es importante señalar su evolución positiva, con una ratio del 2,71% al 9M 2023 (9M 2022: 3,77%).

 

  • Notable mejora en términos de rentabilidad y eficiencia: El ROA se ubicó en el 1,13% al cierre de septiembre de 2023 (9M 2022: -0,15%) por el fuerte crecimiento del margen de intermediación apoyada, no solo, por las subidas de los tipos de interés, sino, por una política activa implementada por la Entidad. La ratio de eficiencia se situó en el 50,7% (9M 2022: 84,7%).

 

  • Estructura de financiación estable compuesta principalmente por depósitos: Los depósitos de la clientela, principalmente a plazo fijo y no cancelable, representaron el 96,8% de la financiación al cierre de septiembre de 2023, constituyendo una base de financiación estable, por encima de la media del sector bancario europeo. 

 

  • Entorno económico complejo e incierto: Si bien la inflación se mantiene por encima del objetivo del Banco Central Europeo, ha disminuido considerablemente tras la fuerte subida de los tipos de interés. En este contexto, se espera una desaceleración de la actividad económica, así como un incremento de la debilidad financiera de los hogares, las empresas y el sector público, afectando potencialmente a la calidad de los activos del sector bancario. Desde EthiFinance Ratings esperamos en los próximos períodos un aumento en la morosidad debido a la mayor vulnerabilidad financiera en un entorno económico desfavorable.

 

  • Gestión profesionalizada con un modelo de gobierno sólido: Adecuados mecanismos de control y supervisión e incorporación progresiva de los principios ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés) en la actividad de la entidad. La Entidad continúa implementando criterios de banca sostenible en el área de banca de inversión, desarrollando operaciones de financiación verde y social.

 

Principales Magnitudes

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Tendencia

 

La tendencia estable de la calificación de crédito se basa en un amplio colchón de liquidez y niveles de solvencia confortables, que blindan a la entidad frente a un escenario económico desfavorable.

 

Análisis de Sensibilidad

 

Factores que pudiesen (individual o colectivamente) impactar en el rating:

•          Factores positivos

La calificación podría incrementarse por una mejora sostenida de la rentabilidad y la eficiencia y una posición confortable en términos de solvencia, calidad de activos y liquidez. EthiFinance Ratings está a la espera de la información financiera correspondiente al ejercicio fiscal completo del 2023 para complementar su análisis.

 

•          Factores negativos

La calificación podría reducirse debido a un aumento de la morosidad, derivado de la incertidumbre en el contexto macroeconómico, que repercutiría en la rentabilidad y solvencia del Banco. EthiFinance Ratings está a la espera de la información financiera correspondiente al ejercicio fiscal completo del 2023 para complementar su análisis. 

 

Scorecard

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Estados Financieros

 

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Sources of information

The credit rating assigned in this report has been requested by the rated entity, which has also taken part in the process. It is based on private information as well as public information. The main sources of information are:

  1. Annual Audit Reports.
  2. Quarterly Financial Report.
  3. Corporate Website.
  4. Corporate Governance Report
  5. Prudential Relevance Report.
  6. Information published in the Official Bulletins.
  7. Rating book provided by the entity.

The information was thoroughly reviewed to ensure that it is valid and consistent, and is considered satisfactory. Nevertheless, EthiFinance Ratings assumes no responsibility for the accuracy of the information and the conclusions drawn from it.

Additional information

  • The rating was carried out in accordance with Regulation (EC) N°1060/2009 of the European Parliament and the Council of 16 September 2009, on credit rating agencies. Principal methodology used in this research are :
  • The rating scale used in this report is available at https://www.ethifinance.com/en/ratings/ratingScale.
  • EthiFinance Ratings publishes data on the historical default rates of the rating categories, which are located in the central statistics repository CEREP, of the European Securities and Markets Authority (ESMA).
  • In accordance with Article 6 (2), in conjunction with Annex I, section B (4) of the Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009, it is reported that during the last 12 months EthiFinance Ratings has provided ancillary services to the rated entity, but not to its related third parties. However, according to our Conflict of Interest Policy, it does not involve a conflict of interest, since the aggregate sale does not exceed 5% of net turnover.
  • The issued credit rating has been notified to the rated entity, and has not been modified since.

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