State Transport Leasing Company's leasing portfolio becomes the largest in Russia
Russia's OJSC State Transport Leasing Company (GTLK/STLC) has become the largest leasing company in the country in terms of the leasing portfolio, which now exceeds RUB 430 billion, the STLC press office said citing provisional results of a research of the Russian leasing market in H1 2017. The research was conducted by RAEX rating agency (Expert RA Group) in conjunction with the United Leasing Association.
The company's new business volume amounted to RUB 55.4 billion, or a 70% surge from H1 2016. STLC is the first in terms of the amount of new leasing contracts of total value at RUB 103.4 billion.
Sergei Khramagin, CEO, State Transport Leasing Company comments: "For the first time State Transport Leasing Co becomes the largest leasing company in Russia in terms its leasing portfolio. The company's business is actively developing, and this is reflected in the ranking. Of course, we are not going to stop and prepare strategic plans for the future. One of the priority directions of our company's activity is the development of export of Russian high-tech products. To solve this problem, the GTLK Group has sufficient infrastructure, our 100%-own subsidiary GTLK Europe successfully operates in the international leasing market from 2012".
According to Expert RA, the total volume of new business of leasing companies in the first half of the year has reached RUB 425 billion as of July 1. The leasing business continues an upward trend second year in a row, largely due to the stabilization of the Russian economy and the implementation of government programs to subsidize leasing sector.
The market performance indicators prepared in the framework of the research will be submitted to Leaseurope. The full results of the research will be published on the Expert RA website and in leading business media outlets in the second half of September 2017.
State Transport Leasing Company is one of the leading companies in the Russian leasing market, a diversified leasing company being one of the top five leasing companies by volume of the leasing portfolio, an industry leader in the aircraft and water transport leasing sectors. The sole shareholder of STLC is the Russian Government through the Ministry of Transport. STLC is an implementation tool of the state policy of control and development of the Russian transport industry. STLC facilitates the utilization of Russia’s transit potential, and develops transport and infrastructure projects using the leasing mechanism. The Company's principal activities are the leasing of air transport, sea and river vessels, railway vehicles, trucks and special equipment as well as energy-efficient urban passenger transport, including gas and electricity propelled vehicles.
As of December 31, 2016, STLC's assets under IFRS exceeded RUB 232 billion. STLC assigned credit ratings of "BB" from Fitch Ratings, "BB-" from S & P Global Ratings and "Ba2" from Moody's Investors Service.
