The main activities of investment banks. Principal types of investment activities of banks Activities of banks as investment companies

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Banks, being financial intermediaries, are the most important component of the economy of each country. Traditional commercial banks, accumulating temporarily free funds by attracting deposits from legal entities and individuals, as well as other financial institutions, provide them for temporary use to corporations and individuals in the form of loans in order to be able to ensure the continuity of production or to meet the needs of individuals.

The interaction of credit institutions with their customers is carried out on an ongoing basis in various forms. So, for example, there comes a stage in the development of an enterprise when it needs to move to a new qualitative level, attract a significant amount of financial resources in the capital market with the aim of possible and planned expansion of the business, modernization of production, creation of new lines of production and new goods, entry into new markets. In such situations, a financial intermediary is needed who is able to take care of ensuring the entry of this enterprise into the capital market, a professional consultant and organizer of transactions. An investment bank belongs to this kind of financial intermediary.

There are two types of investment banks

Investment banks of the first type:

In the modern credit system in a number of Western countries, investment banks have received great development. In most Western countries (primarily in the USA, Japan, England and France) investment banks were spun off by the division of labor and specialization in the credit sector. The main task of investment banks is to mobilize long-term loan capital and provide it to borrowers through the issuance and placement of shares, bonds and other types of debt obligations. Each large firm, corporation, as a rule, has its own investment bank, the services of which are constantly used. There are currently two types of investment banks. Banks of the first type are engaged exclusively in trading and placement of securities, banks of the second type - in long-term lending. The last type of bank is typical mainly for the continental countries of Western Europe and developing countries.

The first banks were formed as limited liability partnerships in the first quarter of the 19th century. In the XX century. private bankers, small and medium-sized banking houses are gradually giving way to the issue and placement of securities to large banking houses and investment banks, which already operate on the basis of equity capital. They were especially developed in the 1920s. During the Great Depression of 1929-1933. many of them went bankrupt, and in reality their importance increased in the 1950s and 1960s. Thus, the assets of investment banks in the United States decreased from $10 billion in 1929 to $2.7 billion in 1949. However, already in 1960 they reached $6.6 billion. The division of American banks into commercial and investment goes back to the banking law of 1933 (Glass-Steagall act). In connection with the huge losses during the period of the world economic crisis, the then universal banks were faced with an alternative: to carry out either transactions with securities or traditional operations of merchant banks. Thus, all banks were divided into two "camps": commercial banks and investment banks and closely related brokerage houses. Investment banks of the first type currently, as a rule, carry out transactions with securities of the corporate sector of the economy. By placing shares and bonds, they serve as intermediaries for obtaining funds by industrial, transport and trade enterprises.

These banks also perform a number of other functions related to raising capital and servicing the securities market:

* engage in secondary distribution of shares and bonds;
* act as intermediaries in the placement of international securities (Eurobonds and Euroshares) on the Eurocurrency market;
* advise corporations on investment strategy, as well as accounting and reporting.

Investment banks of the first type in this period of time are powerful financial institutions, since, acting as founders of newly created companies, they place additional issues of shares and bonds of already existing companies and corporations. At present, without the participation of these banks, it is almost impossible to sell securities. Without their intermediation, many companies would not be able to obtain long-term funds. In the modern practice of a number of countries (USA, Canada, England, Australia), companies cannot be formed and operate if these banks do not undertake to place their securities. The process of formation of new corporations, as well as the liquidation of old ones, is the breeding ground on which investment banks operate. EF Zhukova Second edition, revised and supplemented Editing by the Ministry of Education of the Russian Federation as a textbook / CHAPTER 10 Investment banks. Banking houses and their operations.10.1. Investment banks of the first type / http://do.gendocs.ru/docs/index-48888.html?page=26

Investment banks of the second type:

Organization, functions and nature of activity. Banks of this type differ significantly from banks of the first type in organizational structure, functions and operations.

Investment banks of the second type can be based on a joint-stock basis, a mixed form of ownership with the participation of the state, and a purely state-owned one. The main function of such banks is medium-term and long-term lending to various sectors of the economy, as well as special targeted projects related to the introduction of advanced technologies and the achievements of the scientific and technological revolution.

Investment banks played a large role in the economic recovery of Western Europe in the early post-war years, as well as in the creation of industries and infrastructure in a number of developing countries. In this regard, we should especially highlight such states as France, Italy, Spain, Portugal, Scandinavian countries, where mixed or state-owned investment banks ensured a high level of long-term lending to industry and the creation of new industries in it. As a rule, such banks were closely associated with state or mixed property, providing it through the receipt of long-term funds to finance capital investments. Investment banks of a mixed or state type actively participated in the implementation of government programs for socio-economic development and plans for stabilizing the economy. Currently, they also conduct various operations in the loan capital market: they accumulate savings of legal entities and individuals, conduct medium-term and long-term lending, invest in private and government securities, and develop various financial services.

In the credit system of countries where such banks exist, they occupy a prominent place after commercial banks. The peculiarity of the activities of investment banks of the second type is that, bearing the burden associated with the most risky operations for medium-term and long-term lending, they are forced to resort to loans from commercial banks and other financial institutions.

Investment banks in developing countries arose mainly in the 1960s after these countries gained political independence. Commercial and investment banks of industrialized countries took an active part in the organization of these banks. Investment banks in developing countries are engaged in long-term lending and securities transactions. In addition, investment banks have recently been operating in a number of countries, combining the functions and operations of an investment bank of the first and second types.

In order to correctly represent the activities of investment banks of the second type, it is necessary to analyze the nature of their activities in a number of countries.

In the USA, Canada, England, investment banks of the second type do not exist, they are replaced by other credit and financial institutions that provide medium and long-term lending. In Germany, the functions of such a bank are performed mainly by large commercial banks. There are currently three long-term credit banks in Japan: Industrial Bank of Japan, Long-Term Credit Bank of Japan, and Nippon Credit Bank. They were established by a special law of 1952. The first two banks focused their activities on the largest enterprises. Nippon Credit Bank combines the functions of a mortgage and investment bank and specializes in lending to small and medium-sized companies. 10.2. Investment banks of the second type / http://do.gendocs.ru/docs/index-48888.html?page=26

Note that the specialized literature contains various definitions of an investment bank. So, for example, investment banks should include financial institutions that specialize in operations with long-term investments, mainly in the field of formation of new fixed assets. The investment bank specializes in issuing, guaranteeing and trading in securities.

In the last definition, as in a number of others, special emphasis is placed on the tools of investment banks - securities.

From the foregoing, we can formulate a conclusion about the main features of an investment bank. So, an investment bank:

· specializes in the organization of financing (selection of forms of fundraising, markets, structure and methods of financing);
· the goals of financing provided by an investment bank are related to a qualitative change in the clients' business (business expansion, creation of new industries and goods, entry into new markets).

Thus, an investment bank can be defined as a financial institution that concentrates its activities on the capital market and that specializes in advising and arranging financing for clients, as a result of which their business undergoes qualitative changes.

The effective development of investment activity is a necessary condition for the stable functioning of the economy. The need for banks to participate in the investment process stems from the interdependence of the successful development of the banking system and the economy as a whole. Banking investment services, being a part of investment banking, involves a set of complementary services and banking products intended for investment market entities and bringing financial and non-financial effects to the bank.

An investment banking service can be defined as a set of operations provided to investment market entities in accordance with their specific goals, on a paid basis. Let's imagine a scheme of this kind of service.

Fig.1.

Providing investment services, a credit institution performs certain functions. Like that:

1. accumulation of savings;
2. transformation of savings into investments;
3. information mediation;
4. organization of investment relations;
5. Protection of subjects of the investment market.

The investment activity of credit institutions is characterized by sufficient diversity and constant development, offering the market new tools and opportunities. There are three main areas of investment banking:

· activity of the bank in the securities market;
· corporate financing;
project financing.

The bank's activities in the securities market can be carried out both at the credit institution's own expense and on behalf of clients. On their own behalf and at their own expense, credit institutions are able to acquire both equity securities (shares) and debt securities (bonds), forming and managing their own portfolio of securities. With such securities, it is possible to carry out such transactions as REPO Article 51.3 Repurchase agreement dated November 25, 2009 N281-FZ, SWAP Instruction of the Bank of Russia dated February 16, 2015 N 3565-U "On types of derivative financial instruments" (Registered in the Ministry of Justice of Russia on March 27, 2015 N 36575)5. A swap agreement is recognized: http://www.consultant.ru/search/?q=+%D0%A1%D0%92%D0%9E%D0%9F+ © ConsultantPlus, 1992-2016, they can act as collateral when attracting loans.

On behalf of clients, lending operations acquire securities at the expense of the client, develop an investment strategy for clients, form and manage a portfolio of securities. The most important direction of work of investment banks is to create conditions for the possible implementation of collective portfolio investments by establishing mutual investment funds and managing them. A specific form of collective investment is the so-called OFBU (common bank management funds) created by banks.

An important direction in the work of investment banks in recent decades has been the design of structural products and derivative financial instruments based on various types of assets. The purpose of creating such instruments was to hedge various risks, however, as the market developed, they turned into speculative instruments, the volume of which broke away from the volume of underlying assets, significantly exceeding it. An example of such a derivative financial instrument is a credit default swap (CDS).

It is also necessary to highlight the work of banks in organizing the securitization of assets. Securitization has become widespread in recent years as a way of spreading risks, a method of removing a number of assets from the balance sheet. The services of investment banks for the securitization of assets are used by commercial banks and various manufacturing companies that have homogeneous assets on their balance sheets that can generate a constant income.

Such a second direction of investment banking as corporate financing is actively developing in our country. The need to expand the business through the acquisition of competing enterprises, the creation of vertical holding structures, and the attraction of investors in the company's fixed capital, including strategic ones, lead to an increase in demand for the services of corporate finance departments of banks.

The corporate finance department generally offers its clients the following services:

· advising on mergers, takeovers and acquisitions;
financing of such transactions;
organization of private placement of shares of the enterprise;
attraction of a strategic investor, etc.

This area of investment activity of banks is mainly associated with advising clients and arranging financing. Thus, when providing services in the field of corporate finance, banks receive income in the form of a commission.

Project financing was widely developed in the 70s. of the last century and stood out as a separate area of investment banking. Project finance can be seen as a way of long-term debt financing of large projects through financial engineering, based on a loan against the cash flow generated directly by the project itself. (Project finance can only be viewed as a single package that combines various forms of debt and equity financing and includes all aspects of project development and implementation).

At the present stage of economic development, the investment needs of clients are so diverse that they already require banks to create investment products as a more complex form of combining investment and other banking services (see Fig. 2)

Fig.2.

As noted above, the current Russian banking legislation does not define an investment bank and investment banking.

The investment activity of banks mediates both credit relations and property relations. As a result of investment banking activities, both the client company's own funds and borrowed funds can be significantly increased. In the first case, this occurs as a result of an initial or subsequent public offering of shares on an organized market (IPO, SPO), a private placement of company shares, including as a result of attracting a strategic investor. In the second - through the issuance of debt financial instruments (bonds). At the same time, the emerging credit relations are of a specific nature and in some cases can be transformed into property relations using hybrid financial instruments.

Currently, project financing is used to provide the necessary funds for projects for the creation and reconstruction of industries, the creation of new enterprises and the production of new types of products. In project financing, the bank can act as a financial consultant, loan manager, lender. The role of a financial advisor and loan manager is usually performed by an investment bank, which receives remuneration in the form of a commission, the lender is a commercial bank, which receives mainly interest income, as well as a commission.

In the case of providing investment services, private clients are classified according to the amount of funds that can be invested through the bank:

· clients with a high level of income (the size of investments from 1 million US dollars);
· Clients with a fairly high level of income (the amount of investment from 300 thousand US dollars);
mass clients.

Such a classification is rather conditional due to the fact that various banks and investment companies use the classification of private clients based on the strategy adopted by the bank or enterprise. However, the approach to classification is associated, as usual, with the amount of income of the client and the amount that he either invested or is ready to invest through the bank.

The first category of clients, and in some cases the second, are served by divisions of a private bank (private banking). Serving these clients, the bank performs the function of a broker, carrying out transactions for the acquisition of financial assets on behalf of and at the expense of the client, and carries out trust management of the client's financial assets. For this group of customers, so-called structured products are created. An example of such a structured product is notes - structured products, which are a combination of various financial assets and instruments, combined in a certain way in order to achieve the required ratio of risk and return. Investment income depends on a certain market indicator. For example, the market price of gold, oil, real estate prices, exchange rates, stock index.

One of the most popular stock market instruments for private investors are mutual funds. Mutual funds combine the funds of many people to invest in various securities and are divided into stock, bond, mixed, industry, index and money market funds.

Another form of collective investment for the mass client segment is general bank management funds (BMF). OFBU - a form of collective investment of assets, in which the bank pools the funds of private investors and companies for professional management in order to generate income in the stock and derivatives markets. OFBUs are similar to mutual funds, only in this case the bank acts as a management company. The opportunity to participate in collective investment provides an individual with a number of advantages. Having no special knowledge and skills, a small or intermediate (has more funds than a small one, but not enough to become a client of a private bank) investor can use the services of a professional participant in the securities market. investment bank capital russia

Nothing stands still, including dynamic investment banking. Today, banks offer their clients an innovative type of investment product - a deposit-backed currency option - which carries higher risks than standard money market instruments or other fixed income instruments. But in exchange for increased risk, it can offer higher returns.

Foreign banks registered in Russia, as well as those who have foreign partners, provide an opportunity to invest in international financial markets. At the same time, clients do not need to travel abroad and understand all the intricacies of the local market. Thus, new horizons and more profitable opportunities open up for customers:

· to invest in foreign securities even with a small amount of initial investments;
· to invest part of the savings in developed and emerging markets (Europe, USA, BRIC, Asia-Pacific region);
Choose the currency of the mutual fund.

Despite fairly affordable and wide investment opportunities, only a small part of the population transforms their savings into investments. Thus, the problem of the functioning of the investment banking market requires the development of guidelines for the accumulation of free cash resources of private and corporate clients and their direction in the form of capital investments in the real sector of the economy, which will create conditions for the effective development of the subjects of the real economy, which, in the same way, will provide in the future high demand for investment services. In turn, this will have a positive impact on the development of the securities market, increasing its quality and volume. An important factor here will also be the development of competition in the financial and, in particular, in the banking sector. Ensuring fair competition will positively affect both the structure of investment services and the quality of their provision, the emergence of new investment products that meet the needs of the economy.

In the English-Russian banking encyclopedic dictionary B.G. Fedorov, an investment bank is defined as a bank specializing in organizing the issue, guaranteeing the placement and trading in securities; also consulting clients on various financial issues; however, it is focused mainly on wholesale financial markets (in US conditions) or as a non-clearing bank specializing in medium and long-term investments in small and medium-sized companies (in UK conditions).

It should be noted that different countries have different terminological systems. So, in the UK, the term investmenttrust (company) is more suitable for the essence of an investment bank, rather than the term investmentbank, the phenomenon closest to the American understanding is such a phenomenon as an investment banking house (investmentbankinghouse).

From the above definitions, as well as from many other definitions, the following features can be distinguished that are characteristic of those commercial organizations that will be referred to as investment banks:

· it is a large universal commercial organization that combines most of the permissible activities in the securities market and in other financial markets;
main activity - attraction of financial resources through securities;
· carrying out operations, primarily in the wholesale financial markets;
· Priority is given to medium- and long-term investments;
· the basis of the portfolio - securities, while most investment banks are most focused on non-government securities.

All other institutions of the securities market are guided by the performance of certain specialized operations. At the same time, they are not capable of investment banking.

It should be noted that fundraising activities are usually described as investment banking. The simplest definition of an investment bank would be the following: an investment bank is a financial institution engaged in investment banking (investment banking).

However, this definition is not entirely accurate. It implicitly assumes the specialization of this institution in investment banking. But the fact is that it is impossible to specialize only in investment banking, because its implementation is possible only within the framework of a truly universal institution in which all other types of investment banking activities are sufficiently developed. Activities to attract financial resources is impossible without the presence of a well-organized and developed work in other areas, characteristic of an investment bank. It can be said that all other activities of an investment bank form the basis for the development of investment banking within this bank. In addition, investment banking is not only the most prestigious direction in the work of an investment bank, but also the most profitable. Therefore, all large companies in the securities market tend to receive projects to attract financial resources, i.e. aspire to grow into an investment bank.

Moreover, the term investmentbanking is often understood in a narrow sense, namely as the activity of managing consortiums of underwriters, i.e. become almost synonymous with the term underwriting. The term investmentbanking itself appeared in England in the middle of the nineteenth century. (in the USA - at the end of the 19th century) - after banks began to fully redeem new issues of securities for their subsequent sale to end investors on their own behalf.

It is the activity of attracting financial resources for its clients through the placement of their securities that is the main one that determines the company as an investment bank. At the same time, the implementation of this activity presupposes the presence of many other activities, which together form the universality of an investment bank.

Today, institutions have emerged that really show a tendency to become an investment bank and declare themselves precisely as investment banks, and characterize their activities as investment banking. However, in the corporate name of such institutions, the phrase "investment bank", as a rule, is not found. The fact is that the text of the Law "On Banks and Banking Activities" gives such a definition of the term "bank", from which it follows that any bank is a commercial bank and, therefore, must have a license to carry out banking operations. Therefore, the use of the word "bank" in the corporate name of the institution, which is essentially an investment bank, should be recognized as irrational at present.

In Russia, in the absence of a legislative description of an investment bank, those enterprises that developed into structures that, according to their characteristics, correspond to the concept of an investment bank, for the most part had an investment company license. However, in addition to those operations that, according to Russian regulations, were within the scope of activities of an investment company, an investment bank usually performs functions that are characteristic of other specialized market participants. An investment company and an investment bank can also be contrasted in terms of their work with the funds of the population. Investment companies in Russia did not have the right, in accordance with regulatory documents, to attract funds from individuals, but due to their small size, they tried to attract funds from the public through various ingenious schemes. Investment banks, by contrast, in countries with developed markets do not have legal prohibitions on working with private funds, but refuse to do so for economic reasons. In addition, in Russia there is an opinion about the investment company as an institution, the main activity of which is the conduct of dealer operations.

An investment bank is similar in most general terms to a commercial bank. Both of them attract funds from small investors and place them among large consumers of financial resources. In other words, banks are the link between end investors and end users of financial resources. But a commercial bank allocates resources by entering into loan agreements with borrowers, and an investment bank buys securities of various issuers. In addition, the term "commercial" indicates the short-term nature of financing (the original meaning is trading operations, which are characterized by a relatively short time period during which there is a need for financial resources), and the term "investment" indicates a longer-term financing, associated as as a rule, with the renewal of the fixed capital.

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Introduction

1. Theoretical foundations on the topic "Investment activities of banks in the Russian Federation"

1.1 The concept and essence of the investment activities of banks

1.2 The concept and composition of the investment portfolio of a commercial bank

1.3 Goals and process of investment activities of commercial banks

1.4 Income and risks of investment activity

2. Analysis of the main types of investment activities on the example of PJSC "Sberbank"

2.1 General characteristics of the bank

2.2 Analysis of the investment activity of the bank

3. Ways to improve the investment activity of Sberbank PJSC

Conclusion

Appendix

Introduction

Investments play a significant role in the functioning and development of the economy. Changes in the quantitative ratios of investments have an impact on the volume of social production and employment, structural shifts in the economy, and the development of industries and sectors of the economy.

Today, the topic of investment activity of banks is very relevant in the Russian Federation, since the role of the banking sector in the economy is increasing every day. This problem is relevant, first of all, because investments in Russia can make a huge fortune, but at the same time, the fear of losing the invested funds stops investors. The Russian market is one of the most attractive for investors, but it is also one of the most unpredictable, and investors are rushing from side to side, trying not to lose their piece of the Russian market and, at the same time, not to lose their money. At the same time, investors are guided primarily by the investment climate in Russia, which is determined by independent experts and serves to indicate the effectiveness of investments in a particular country. Significant investment potential is concentrated in the institutions of the banking system, which, unlike many other intermediary institutions, have exceptional opportunities for the use of transaction funds and credit emission.

The banking system is an important source of meeting investment demand.

However, the state investment policy is now aimed precisely at providing investors with all the necessary conditions for working on the Russian market, and therefore, in the future, one can count on a change in the situation in the Russian economy for the better.

The course work is devoted to an important problem for a developing economy - the investment policy of commercial banks. Today, banks are seen as potentially active and heavily resourced participants in investment activities.

The purpose of the work is to develop ways to improve the investment activities of commercial banks.

The information base of the course work was the special and educational literature, Internet resources.

The object of research is the banking system of the Russian Federation.

The subject of the research is the investment activity of commercial banks.

Research methods: analysis of statistics, study of the media and Internet resources, literature, theoretical analysis and generalization of scientific literature.

To achieve this goal, it is necessary to solve the following tasks:

1. Analyze the essence and content of such concepts as "investment", "investment activity", the main forms and directions of investment activity of commercial banks.

2. Consider the income and risks of investment activities of banks.

3. Describe the investment activities of Sberbank PJSC.

4. Consider the types of investment activities of this bank.

5. Determine ways to improve the investment activities of Sberbank PJSC.

1. Theoretical foundations on the topic "Investment activities of banks in the Russian Federation»

1.1 The concept and essence of the investment activities of banks

investment commercial bank risk

The Russian banking system has a two-tier structure. The first level is represented by the Central Bank of the Russian Federation. The second level includes banks and non-bank credit organizations, as well as branches and representative offices of foreign banks.

The first level includes the Central Bank of the Russian Federation, the type of functions and powers of which distinguish it from other banks.

The second level of the banking system includes credit institutions. These include: a bank and a non-bank credit institution, Russian banks with foreign capital or branches of foreign banks.

Commercial banks, being an integral part of the unified banking system, carry out many types of their activities, one of which is investment activity.

Usually, investments are understood as long-term investments of capital in any enterprise, business, project.

Investment activity is an investment, or investment, and a set of practical actions for their implementation. The subjects of investment activity are investors, including banks, and the objects of investment activity are newly created and modernized fixed and current assets, securities, targeted cash deposits, scientific and technical products, and other property objects.

The legislative base in the field of investment in Russia is made up of more than a thousand regulatory legal acts, some of which are regional acts, and some are federal. Let's name the main ones:

1. Federal Law of February 25, 1999 No. 39-FZ “On Investment Activities in the Russian Federation Carried out in the Form of Capital Investments”;

3. Federal Law No. 46-FZ of March 5, 1999 “On the Protection of the Rights and Legitimate Interests of Investors in the Securities Market”;

5. Federal Law of July 9, 1999 No. 160-FZ “On Foreign Investments in the Russian Federation”;

Such a volume of legislative acts indicates a serious state control over the investment activities of commercial banks, as well as over the overall activities of the bank. Authorized capital volumes, liquidity provision, meaningful investment with an acceptable level of risk and much more.

The main areas of participation of banks in the investment process in the most general form are as follows:

Mobilization by banks of funds for investment purposes;

Providing loans of an investment nature;

Investing in securities, shares, equity participations (both at the expense of the bank and on behalf of the client).

These areas are closely related to each other. By mobilizing capital, savings of the population, other free funds, banks form their resources for the purpose of their profitable use. The volume and structure of operations for the accumulation of funds are the main factors influencing the state of the credit and investment portfolios of banks, the possibility of their investment activities.

The following indicators can be used as indicators of the investment activity of banks [4, p. 165]:

Volume of investment resources of commercial banks;

Volume of bank investments;

The share of investment investments in the total assets of banks;

Banks' investment performance indicators, in particular, growth in assets per investment volume, profit growth per investment volume;

Indicators of alternative profitability of investing in the manufacturing sector compared to investing in profitable financial assets.

The classification of the forms of investment activity of commercial banks in the economic literature and banking practice is carried out on the basis of general criteria for systematizing the forms and types of investments:

1) In accordance with the object of investment, investments in real economic assets (real investments) and investments in financial assets (financial investments) can be distinguished. Banking investments can also be differentiated by more specific investment objects: investments in investment loans, term deposits, shares and equity participations, in securities, real estate, precious metals and stones, collectibles, property and intellectual rights, etc.

Real investments, as a rule, make up an insignificant share in the total volume of bank investments. More typical for banks as financial and credit institutions are financial investments.

a) Depending on the purpose of the investment, bank investments can be direct, aimed at ensuring the direct management of the investment object, and portfolio, carried out with the expectation of receiving income in the form of a flow of interest and dividends or due to an increase in the market value of assets.

b) According to the purpose of investments, investments in the creation and development of an enterprise and organization and investments not related to the bank's participation in economic activities can be distinguished.

Investments in the bank's own activities include investments in the development of its material and technical base and improvement of the organizational level. Depending on the direction of investment, we can distinguish:

Investments that improve the efficiency of banking activities. They are aimed at creating conditions for reducing banking costs by improving technical equipment, improving the organization of banking activities, working conditions, staff training, research and development;

Investments focused on the expansion of banking services. Such investments involve expanding the resource and client base, increasing the range of banking operations, creating new divisions capable of providing the production of new types of banking services;

Investments related to the need to comply with the requirements of state regulatory bodies. These investments are made, if necessary, to meet the requirements of regulatory authorities in terms of creating certain conditions for banking activities.

2) According to the sources of funds for investment, a distinction is made between the bank's own investments made at its expense and client investments made by the bank at the expense and on behalf of its customers.

3) In terms of investment terms, investments can be short-term (up to one year), medium-term (up to three years) and long-term (over three years).

4) Investments of commercial banks are also classified by types of risks, regions, industries and other features.

At the same time, the investment activity of banks has another aspect related to the implementation of their macroeconomic role as financial intermediaries. In this capacity, banks contribute to the implementation of the investment demand of business entities, acting in a market economy in the form of monetary and credit, the transformation of savings and savings into investments.

Efficiency from investments in the development of the bank is achieved if, as a result of the costs incurred, the improvement of its financial condition is ensured. Determining the volume and structure of investments in own activities, carried out in the process of developing a bank's investment plan, should be based on accurate technical and economic calculations. Exceeding the required amount of investment may lead to liquidity imbalance, a decrease in the bank's revenue base and a drop in the efficiency of banking activities.

1.3 The concept and composition of investmentth portfolio of a commercial bank

Above we have already got acquainted with the concepts of "investment" and "investment activity". For further analysis, we need to study such a concept as the "investment portfolio of a commercial bank" and its composition.

The investment activity of commercial banks necessitates the choice of investment priorities: profit, reliability, liquidity. All of the bank's investments made in the stock market arena of the aggregate is the bank's investment portfolio. Portfolio (financial) investments are capital invested in securities: stocks, bonds and other securities, that is, funds placed in financial assets. .

The investment portfolio of a commercial bank consists of financial and real investments.

The main task of portfolio investment is to improve investment conditions by giving the aggregate of securities such investment characteristics that are unattainable from the standpoint of a single security, and are possible only with their combination.

If we consider the investment portfolio depending on the degree of risk that a commercial bank accepts, then we can distinguish the following types: conservative, moderate and aggressive.

An aggressive portfolio consists of high-yielding stocks, but also includes bonds to diversify and reduce risk. An aggressive investment strategy is best suited for long-term investment, as such investments are short-lived.

time lapse are very risky. Russian commercial banks do not apply this strategy for a number of objective reasons.

A moderate portfolio is the least risky. It consists mainly of securities of well-known companies, which are characterized, although not high, but by a steady rate of growth in market value. The composition of the portfolio remains stable over a long period of time and is aimed at capital preservation. Typically, the proportion of stocks in a portfolio is slightly higher than the proportion of bonds. Sometimes a small proportion of funds may be invested in bank deposits. A moderate investment strategy is best suited for short-term and medium-term investment. Only the largest commercial banks in Russia, which have special investment services responsible for planning and implementing investments, can afford to use this investment strategy.

In a conservative portfolio, the distribution of securities usually occurs as follows: most of them are bonds (reduce risk), a smaller part are shares of reliable and large Russian enterprises (provide profitability) and bank deposits. A conservative investment strategy is optimal for short-term investment and is a good alternative to bank deposits. This investment strategy is mainly followed by medium and small commercial banks, which cannot afford the maintenance of special investment services. In these banks, employees who are responsible for investment activities, as a rule, are guided by the investment policy approved by the management of the bank.

1.3 Goals and process of investment activities of commercial banks

The investment policy of commercial banks involves the formation of a system of targets for investment activity, the choice of the most effective ways to achieve them. In the organizational aspect, it acts as a set of measures for organizing and managing investment activities, aimed at ensuring optimal volumes and structure of investment assets, increasing their profitability with an acceptable level of risk. The most important interrelated elements of the investment policy are the tactical and strategic processes of managing the bank's investment activities. Under the investment strategy understand the definition of long-term goals of investment activities and ways to achieve them. Its subsequent detailing is carried out in the course of tactical management of investment assets, including the development of operational goals for short-term periods and means for their implementation. The development of an investment strategy is thus the starting point of the investment management process. The formation of investment tactics takes place within the framework of the given directions of the investment strategy and is focused on their implementation in the current period. It provides for determining the volume and composition of specific investment investments, developing measures for their implementation, and, if necessary, compiling a model for making management decisions on exiting an investment project and specific mechanisms for implementing these decisions.

Banks, buying certain types of securities, seek to achieve certain goals, the main of which include:

Investment security;

return on investment;

Growth of investments;

Investment liquidity.

Investment security refers to the invulnerability of investments from various shocks in the stock market, the stability of income and liquidity. Security is always achieved at the expense of profitability and investment growth. The optimal combination of security and profitability is achieved by careful selection and constant revision of the investment portfolio.

The main principles of effective investment activity of banks are:

First, the bank must have professional and experienced professionals who make up and manage the portfolio of securities. The result of the bank's activity to a decisive extent depends on the effectiveness of investment decisions;

Secondly, banks act more effectively, the more they manage to distribute their investments among various types of stock values, i.e. diversify investments. It is advisable to limit the investment by types of securities, sectors of the economy, regions, maturity, etc.

Thirdly, investments must be highly liquid so that they can be quickly transferred into instruments that, due to changes in market conditions, become more profitable, and also so that the bank can quickly get back its invested funds.

To assess the feasibility of acquiring certain securities, there are two main professional approaches; most large commercial banks conduct both fundamental and technical analysis.

Fundamental analysis covers the study of the activities of industries and companies, analysis of the financial condition of the company, management and competitiveness. It consists of industry analysis and company analysis. In an industry analysis, the bank determines the industries that are of greatest interest to it, and then the leading companies are identified in these industries, and among them the company whose shares it is advisable to purchase is selected.

Technical experts are based on the study of exchange (or off-exchange) statistics; analyze the change in supply and demand, the movement of stock prices, volumes, trends and structure of stock markets on the basis of diagrams and graphs, predict the possible impact of the situation on the market on the demand and supply of securities. The analysis of companies is divided into quantitative and qualitative. Qualitative analysis is an analysis of the effectiveness of company management; quantitative - studies of various kinds of relative indicators obtained by comparing individual articles of the company's financial report. Comparisons are made with similar enterprises and industry average data of the main absolute indicators of its activity (sales volume, gross and net profit), the study of changes and profitability of sales and profitability of capital, in net income per share and the size of the dividend paid on shares. Investment securities generate income for commercial banks in the form of interest income, commissions for the provision of investment services, and market value growth. World experience has not developed an unambiguous approach to the problem of using banks' own funds when acquiring shares of other legal entities: in some countries, the participation of banks in the capital of other structures is not limited (Germany), in some countries it is strictly prohibited (USA, Canada). The Bank of Russia has chosen an intermediate option for regulating this area - the Central Bank of the Russian Federation can control the work of the bank, but is not in a position to interfere in the activities of other economic entities that are not credit institutions, and, therefore, is not able to determine the degree of commercial risk. The main risks in investing are associated with the possibility of: loss of all or a certain part of the invested funds; · depreciation of the means placed in securities at growth of inflation; non-payment in full or in part of the expected return on invested funds; delays in earning income; · Emergence of problems with re-registration of ownership of acquired securities.

After determining the investment objectives and types of securities to purchase, banks choose a portfolio management strategy. According to the methods of conducting operations, strategies are divided into active and passive.

All active strategies are based on forecasting the situation in various sectors of the financial market and the active use by banking specialists of forecasts for adjusting the securities portfolio. Passive strategies use the forecast for the future to a lesser extent. A popular approach in such management practices is indexing, i.e. securities for the portfolio are selected based on the fact that the return on investment must correspond to a certain index and have a uniform distribution of investments between issues of different maturity. At the same time, long-term securities provide the bank with higher income, and short-term securities provide liquidity. A real portfolio strategy combines elements of both active and passive management [9, p.34].

Banks work mainly not on their own, but on attracted and borrowed resources, so they cannot risk their clients' funds by investing them in large investment projects, if this is not secured by appropriate guarantees. In this regard, when developing their investment policy, commercial banks should always proceed from real risk assessments, economic efficiency, financial attractiveness of investment projects, the optimal combination of short-medium and long-term investments. At the same time, the existing investment system is not only an internal affair of the bank itself. In accordance with the basic principles of banking regulation, an integral part of any supervisory system is an independent review of the bank's policy, operations and procedures related to the issuance of loans and capital investment, as well as the ongoing management of the loan and investment portfolios.

Consequently, commercial banks must clearly work out and formally fix the most important activities related to the organization and management of investment activities. In essence, it is about the development and implementation of a sound investment policy. The development of the bank's investment policy is a rather complicated process, which is due to the following circumstances. First of all, due to the duration of investment activity, it should be carried out on the basis of a thorough long-term analysis, forecasting external conditions (the state of the macroeconomic environment and the investment climate, the investment market and its individual segments, taxation and state regulation of banking activities) and internal conditions (volume and the structure of the resource base of the market, the stage of its life cycle, the goals and objectives of development, the relative profitability of various assets, taking into account risk factors and liquidity, etc.), the probabilistic nature of which makes it difficult to form an investment policy.

In addition, the definition of the main directions of investment activity is associated with large-scale problems of research and evaluation of alternative options for invested decisions, the development of an optimal investment development model from the standpoint of profitability, liquidity and risk. The development of an investment policy is significantly complicated by the variability of the external environment of banks, which determines the need for periodic adjustment of investment policy, taking into account predicted changes and developing a system for prompt response. Therefore, the formation of the investment policy of banks is associated with significant difficulties, even in a steadily developing economy.

A prerequisite for the formation of investment policy is the general business policy of the bank's development, the main objectives of which are priority in the development of strategic objectives of investment activity. Representing an important component of the overall economic policy, the investment policy is a factor in ensuring the effective development of the bank.

The main goal of the investment activity of the bank can be formulated as an increase in the income of investment activity with an acceptable level of investment risk. .

The development of an investment policy involves not only the choice of investment directions, but also taking into account a number of restrictions associated with the need to ensure a balance in the investment investments of a commercial bank. Objectives and restrictions are established by the legislative and regulatory acts of the monetary authorities, as well as the management bodies of banks.

1.4 Income and risks of investment activity

The profitability of the investment activities of commercial banks depends on a number of economic factors and organizational conditions, among which the decisive role belongs to such as:

Stably developing economy of the state;

The presence of various forms of ownership in the sphere of production and services, including the banking sector with a predominance of private and joint-stock ownership;

Well-established and well-functioning structure of the financial and credit system;

Availability of a developed and civilized securities market;

Availability of market institutions for securities (investment companies, funds, etc.);

A streamlined system of legislative acts and regulations governing the procedure for issuing and circulation of securities and the activities of the participants in the securities market themselves, used in the practice of international investment activities of commercial banks;

Availability and training of highly qualified specialists and entrepreneurs in the investment field and the securities market, etc.

The yield of securities of certain classes and types depends on the market value of the investment portfolio, which, in turn, fluctuates depending on changes in interest rates on bonds and certificates, discount interest, interest on bills, dividends on shares and, accordingly, supply and demand for these securities in the securities market. The income from the investment portfolio consists of the following components: - income in the form of interest payments; - income from the increase in the capital value of securities in the bank's portfolio; - Commission for the provision of investment services - spread (the difference between the buying and selling rates in dealer operations). There are the following main types of investment risk:

Credit risk;

Rate change risk;

Risk of unbalanced liquidity;

Risk of early withdrawal;

Business risk.

Credit risk is that the principal and interest on a security will not be repaid in due time. Credit risk assessment for various types and separate issues of securities is given by specialized agencies. They assign a rating to securities, which makes it possible to judge the likelihood of timely repayment of obligations. Credit risk is associated with a decrease in the financial capacity of the issuer of securities when he is unable to fulfill his financial obligations, as well as with the obligations and abilities of the government of the state or its institutions to repay debts on loans made by it from the public, in particular, on bonds issued by the government of general character. State securities are considered free from credit risk due to the stability of the economy, from where the government draws funds to pay off its debts and obligations to creditors represented by the public and financial and credit commercial organizations.

The ability of the state not only to receive loans, but also to repay its obligations is an essential factor and condition for ensuring a high credit reputation when issuing government securities, the formation of the securities market itself and the smooth functioning of the entire financial and credit system of the state.

The risk of unbalanced liquidity is associated with the impossibility of a quick conversion of certain types of securities into means of payment without certain losses. Banks have two sources of liquidity - internal and external. Internal sources of liquidity are embodied in certain types of marketable assets, including securities, for which there is a stable market and which are a reliable object for placing money. Liquid securities, by definition, are those investment instruments that are characterized by a ready market, a relatively stable price over time, and a high probability of a return on the bank's initially invested capital. An example of highly liquid securities is short-term government securities that are easily sold on the money market.

Liquidity, as one of the most important functions of asset management through their investment, determines the bank's ability to ultimately pay cash on its obligations in a timely manner. That is why the goal of placing the funds of a commercial bank in securities and forming an investment portfolio on this basis is not only to bring income to the bank and be a source of replenishment of the reserve of the first priority, but also to provide a practical opportunity to turn securities into cash with a minimum time delay and an insignificant risk of loss.

Thus, investment funds in the liquid form of securities are those assets of the bank that can be easily converted into cash with little or no risk of loss. Guaranteeing a high level of solvency, liquidity and stability of work in the system of market relations, a commercial bank must daily solve one of the central problems of its investment activity - to ensure the incompatible interests of the bank's depositors and its shareholders. This incompatibility of interests is reflected in the inevitable contradiction between liquidity requirements and the desired profitability of the commercial bank's banking operations.

On the one hand, the bank is feeling pressure from shareholders who are interested in higher returns that can be obtained by investing in long-term securities. But, on the other hand, these actions seriously worsen the bank's liquidity, which is necessary for the withdrawal of deposits by the bank's clients.

The contradiction between liquidity and profitability determines the investment risk, which is considered in the investment activity of the bank as a dispersion of probable options for generating income with minimal damage, ensuring the liquidity of the bank as a whole.

Banks should always consider the possibility that they may need to sell investment securities before maturity. In this regard, the question arises about the width and depth of the corresponding secondary market for this type of securities.

The readiness of the leaders of a commercial bank to sacrifice liquidity for the sake of profit and vice versa means consciously taking more or less investment risk, taking into account all its factors. Hence, the investment activity of a commercial bank, which is directly related to the risk of active operations with securities, requires the bank's management to develop certain tactics, strategies and specific actions in this area of banking, thereby determining the investment policy.

Since such “recalls” usually occur after a decline in market interest rates (when the borrower can issue new securities with lower interest costs), the bank faces the risk of loss of income because it must reinvest the returned funds at the lower interest rates prevailing on the bank. this moment. Banks usually try to minimize this call risk by purchasing bonds that cannot be called for several years, or by simply avoiding buying callable securities.

Since a bank holding "callable" bonds in a portfolio loses some of the proceeds after the call, it is reimbursed in the form of a callable premium, which is higher the earlier the early redemption is announced. In addition, since the possibility of early redemption of the bond introduces an element of uncertainty into the bank's policy, higher interest is paid on these issues.

Business risk. All banks face a significant risk that the market economy they serve could collapse with declining sales and rising bankruptcies and unemployment. These adverse events are referred to as business risk. They are very quickly reflected in the bank's loan portfolio, where as the financial difficulties of borrowers grow, the volume of bad loans increases. Since the probability of business risk is quite high, many banks rely heavily on their securities profile to offset the exposure to loan portfolio risk. This is due to the fact that many securities purchased by banks are issued by borrowers outside their credit market. Thus, the bank will try to buy more securities from other regions.

Market risk is due to the fact that, due to unforeseen changes in the securities market or in the economy, the value of certain types of securities as an investment object of the bank may be partially lost, so that their sale will become possible only with a large discount in price.

2. Analysis of the main types of investment activities on the examplePAOSberbank

2.1 General characteristics of the bank

Sberbank was founded in 1841. In today's Sberbank, almost nothing reminds of the savings banks, the functions of which it performed throughout a significant period of its history. But something else is surprising: Sberbank already bears little resemblance even to itself just a decade ago.

The ability to change and move forward distinguishes Sberbank today. The title of the oldest and largest bank in Russia does not prevent it from openly and honestly competing in the international banking market and keeping abreast of financial and technological changes. Sberbank not only keeps pace with modern market trends, but also stays ahead of them, confidently navigating rapidly changing technologies and customer preferences.

Sberbank today is the circulatory system of the Russian economy, a third of its banking system. The bank provides a job and a source of income for every 150th Russian family.

The leader of the Russian banking sector in terms of total assets accounts for 28.6% of total banking assets (as of August 1, 2015).

The Bank is the main creditor of the Russian economy and holds the largest share in the deposit market. It accounts for 44.9% of household deposits, 37.7% of loans to individuals and 32.7% of loans to legal entities (as of August 1, 2015).

Sberbank today is 14 territorial banks and more than 16.5 thousand branches in 83 constituent entities of the Russian Federation, located on the territory of 11 time zones. The Bank's foreign network consists of subsidiaries, branches and representative offices in the CIS, Central and Eastern Europe, Turkey, Great Britain, the USA and other countries.

The number of retail clients of Sberbank in Russia exceeds 127 million people and 10 million outside of it, the number of corporate clients of the Group is more than 1.1 million in 22 countries of presence.

The range of Sberbank services for retail clients is as wide as possible: from traditional deposits and various types of loans to bank cards, money transfers, bank insurance and brokerage services.

All retail loans at Sberbank are issued using the Loan Factory technology, which was created to efficiently assess credit risks and ensure a high quality loan portfolio.

In an effort to make the service more convenient, modern and technologically advanced, every year Sberbank improves the possibilities of remote management of customer accounts. The bank has created a system of remote service channels, which includes:

Online banking "Sberbank Online" (more than 30 million active users);

Sberbank Online mobile applications for smartphones (more than 18 million active users);

SMS-service "Mobile Bank" (more than 30 million active users);

One of the world's largest networks of ATMs and self-service terminals (more than 90 thousand devices).

Sberbank is the largest issuer of debit and credit cards. The joint bank, established by Sberbank and BNP Paribas, is engaged in POS lending under the Cetelem brand, using the concept of "responsible lending".

The bank serves all groups of corporate clients, with small and medium-sized companies accounting for more than 33% of the bank's corporate loan portfolio. The rest is lending to large and largest corporate clients.

Sberbank Group today is a team that includes more than 325 thousand qualified employees working to turn the bank into the best service company with world-class products and services.

In 2014, more than 250,000 people were trained under corporate programs, including joint executive programs with the world's leading business schools.

One of the important events in the corporate life of the bank was the opening of a new complex of the Corporate University, which meets the most modern standards of the world's leading business schools. The university will become a base for the training and development of young talents, managers of a new level, able to successfully cope with the global challenges of the new reality and ensure the fulfillment of the strategic goal - to become one of the world's leading and innovative financial institutions.

In 2014, Sberbank made a qualitative leap in the development of IT towards the creation of a high-tech system that will become the key to the bank's competitiveness in the face of growing penetration of digital technologies. The main achievements of 2014 were the growth in the share of corporate clients' operations in remote channels up to 94%, reaching the final stage of the IT platform consolidation project, a significant increase in the reliability and performance of IT systems, and achieving a leading position in the creation of innovative banking products.

In recent years, Sberbank has significantly expanded its international presence. In addition to the CIS countries (Kazakhstan, Ukraine and Belarus), Sberbank is represented in nine countries of Central and Eastern Europe (Sberbank Europe AG, formerly Volksbank International) and in Turkey (DenizBank).

The acquisition of DenizBank was completed in September 2012 and was the largest acquisition in the Bank's more than 170-year history.

Sberbank also has representative offices in Germany and China, and a branch in India. In 2013, the official launch of the Sberbank brand in Europe took place.

The Group's corporate and investment business - Sberbank CIB - has its own offices in New York, London and Nicosia, which operate on global markets and specialize in brokerage and dealer services on foreign exchanges and for foreign clients. Subsidiary bank Sberbank (Switzerland) AG is a platform for trade finance and structured lending transactions, operates in global markets and provides transactional services to clients.

The main shareholder and founder of Sberbank is the Central Bank of the Russian Federation, which owns 50% of the authorized capital plus one voting share. Other shareholders of the Bank are international and Russian investors.

The bank's ordinary and preferred shares have been listed on Russian stock exchanges since 1996. They are included by CJSC MICEX Stock Exchange in the quotation list of the first (highest) level. American Depositary Receipts (ADRs) for Sberbank's ordinary shares are listed on the London and Frankfurt Stock Exchanges and are admitted to trading on the OTC market in the United States.

2.2 Analysis of the investment activity of the bank

Let us consider in more detail the structure of the securities portfolio of Sberbank PJSC for 2013-2016.

The Group's securities portfolio is 98.0% represented by debt instruments and is primarily used for liquidity management. In 2014, the share of shares in the securities portfolio decreased by 0.8 percentage points to 1.8%. The share of corporate bonds in the portfolio structure by the end of 2014 amounted to 31.9%, having decreased by 1.2 percentage points over the year.

The share of corporate debt obligations with an investment rating amounted to 62.6% (according to the results of 2013 - 59.8%). The share of securities pledged as part of REPO operations decreased in 2014 from 62.8% to 52.4%. Most of these operations are related to transactions with the Bank of Russia.

The Group's securities portfolio is 96.9% represented by debt instruments and is primarily used for liquidity management. In 2016, the share of shares in the securities portfolio increased compared to 2015 and amounted to 2.7%. The share of corporate bonds in the portfolio structure by the end of 2016 amounted to 33.6%, having decreased by 6.3 percentage points over the year.

The share of corporate bonds with an investment grade amounted to 27.1% in the Group's total portfolio of corporate bonds (39.1% in 2015). The share of securities pledged as part of REPO operations decreased in 2016 from 7.6% to 4.2%. This decrease was the result of a significant reduction in dependence on the funds of the Bank of Russia through a flexible interest rate policy and attraction of additional customer funds.

The structure of the securities portfolio for 2013-2016 presented in table 2.2.

Based on the analysis of the data presented in the table, it can be concluded that the investment portfolio of Sberbank belongs to the conservative type, since the share of bonds in the portfolio exceeds the share of shares. For example, in 2016, the share of bonds was 96.9%, while the share of stocks was 3.1%.

Analyzing income from investment activities for the period under review, the following can be noted: in 2014, compared with 2013, there is a sharp decrease in income from 356.7 billion rubles. to 59.6 billion rubles, and in subsequent years there is an increase (in 2015, 90.8 billion rubles, in 2016, 241.1 billion rubles). Thus, a sharp decline in profitability occurred in 2014-2015.

In 2013 and 2016 compared to 2014 and 2015 more funds were invested in shares and units of investment funds (in share ratio in 2013 2.7%, in 2014 2.0%, in 2015 2.1%, in 2016 3.1%) . Thus, the more the bank invests in shares and mutual funds, the higher the income from investment activities.

Based on the analysis of the structure of the investment portfolio of securities, it can be concluded that Sberbank adheres to a very restrained conservative policy in the implementation of investment activities, trying to minimize investment risks. However, this prevents a possible increase in the bank's income. The problem arises of identifying ways to improve the efficiency of Sberbank's investment activities.

3. Ways to improve investment activityPJSC "Sberbank»

Taking into account the potential of Sberbank as the largest financial institution in the country, the growth of income from investment activities can be enhanced by increasing investments in financial instruments such as shares and mutual funds. Considering that the shares of reliable and large enterprises provide profitability, this way can be considered as a possible way to increase the bank's income.

Mutual investment funds (PIFs) may be another possible way.

A mutual investment fund is one of the forms of collective investment (investment). The funds of the fund's clients are transferred to the trust management of the management company, and it, in turn, invests them in securities (for example, shares, bonds) or other assets. The purpose of investing in mutual funds is to receive income from the growth in the value of such assets. In this case, the fund's assets are the common property of the unit holders, and the size of the share of each owner is proportional to the number of investment units owned by him. The management company "Sberbank Asset Management" offers a wide range of mutual funds with different investment strategies.

Sberbank Asset Management JSC manages 19 open-end mutual funds and 3 closed-end real estate mutual funds. Examples of open bond funds are the Ilya Muromets Bond Fund, the Promising Bond Fund, the Global Debt Market Fund, and the Eurobond Fund, which, according to 2017 data, demonstrate a positive dynamics in the value of shares. Also, mutual fund funds (for example, the America Fund, the Emerging Markets Fund, the Biotechnology Fund and others) show a positive trend. However, some open equity funds (for example, the Dobrynya Nikitich Equity Fund, the Active Management Fund, the Global Internet Fund) show a negative trend in the value of shares.

Based on this, it can be proposed to expand the range of mutual funds, while taking into account investment risks, as well as to develop more effective investment strategies aimed at diversifying investments.

As a radical measure, we can suggest reorienting the conservative investment policy to a moderate or even aggressive one, given that Sberbank has ample opportunities to implement such a policy.

Conclusion

In this course work, the theoretical foundations of the investment activities of a commercial bank are considered, as well as an analysis of the investment activities of Sberbank PJSC. The set tasks are solved, and the purpose of this work is realized.

In the theoretical part, such concepts as "investment activity", "investment activity of banks", "investment portfolio of a bank", as well as types of investment portfolio are considered.

The investment activity of banks is seen as a business of providing two types of services: increasing cash by issuing or placing securities on their primary market; connecting buyers and sellers of existing securities in the secondary market while acting as brokers or dealers.

Bank investments have their own economic content. The investment activity of banks in the microeconomic aspect - from the point of view of the bank as an economic entity - can be viewed as an activity in which the bank acts as an investor, investing its resources for a period of time in the creation or acquisition of real assets and the purchase of financial assets in order to extract direct and indirect income.

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MINISTRY OF EDUCATION AND SCIENCE OF THE RUSSIAN FEDERATION

BRANCH OF THE FEDERAL STATE AUTONOMOUS

BUDGET EDUCATIONAL INSTITUTION

HIGHER PROFESSIONAL EDUCATION

"KAZAN (VOLGA) FEDERAL UNIVERSITY

IN NABEREZHNY CHELNY

DEPARTMENT "FINANCE AND ACCOUNTING"

COURSE WORK

By discipline: "Investments"

On the topic: "The main types of investment activities of banks"

Naberezhnye Chelny

Introduction

Conclusion

List of used literature

Introduction

Investment activity plays a significant role in the functioning and development of the economy. Changes in the quantitative ratios of investments have an impact on the volume of social production and employment, structural shifts in the economy, development of industries and sectors of the economy.

The problem of investments in our country is so urgent that talk about them does not subside. This problem is relevant, first of all, because investments in Russia can make a huge fortune, but at the same time, the fear of losing the invested funds stops investors. The Russian market is one of the most attractive for investors, but it is also one of the most unpredictable, and investors are rushing from side to side, trying not to lose their piece of the Russian market and, at the same time, not to lose their money. At the same time, investors are guided primarily by the investment climate in Russia, which is determined by independent experts and serves to indicate the effectiveness of investments in a particular country.

Significant investment potential is concentrated in the institutions of the banking system, which, unlike many other intermediary institutions, have exceptional opportunities for the use of transactional funds and credit emission.

The banking system is an important source of meeting investment demand. However, the state investment policy is now aimed precisely at providing investors with all the necessary conditions for working on the Russian market, and therefore in the future we can count on a change in the situation in the Russian economy for the better.

The course work is devoted to an important problem for a developing economy - the investment policy of a commercial bank. Today, banks are seen as potentially active and heavily resourced participants in investment activities.

The purpose of the work is to identify the conditions and prospects for the development of investment activities of commercial banks in the real sector of the Russian economy.

1. Theoretical foundations for the functioning of the investment activities of banks

1.1 Definitions and forms of investment activities of commercial banks

Usually, investments are understood as long-term investments of capital in any enterprise, business, project. In banking, this concept includes any long-term investment of bank funds. Investment activities, for example, in addition to investments in securities, often include lending to fixed assets of an enterprise, loans to small businesses, financing current, short-term needs of an enterprise.

However, the following definition should be considered more correct. Bank investments are long-term investments of bank resources in securities in order to obtain direct and indirect income. The bank receives direct income from investments in securities in the form of dividends, interest or resale profits. Indirect income is formed on the basis of expanding the influence of banks on customers through the ownership of a controlling stake in their securities. Bank investments include investments in stocks, bonds and other securities. Despite the fact that bank investments, according to the definition, should be long-term, all investment instruments are divided into:

money market instruments with a maturity of up to one year, which are characterized by low risk and high liquidity;

capital market instruments that mature after more than a year and generally have a higher yield.

Investment activity - investment, or investment, and a set of practical actions for the implementation of investments. The subjects of investment activity are investors, both individuals and legal entities, including banks, and the objects of investment activity are newly created and modernized fixed and working capital, securities, targeted cash deposits, scientific and technical products, and other property objects.

The investment activity of commercial banks is carried out at the expense of: own resources, borrowed and borrowed funds.

The main areas of participation of banks in the investment process in the most general form are as follows:

mobilization by banks of funds for investment purposes;

provision of investment loans;

investing in securities, shares, equity participations (both at the expense of the bank and on behalf of the client).

With the transition to a market economy and the formation of the stock market, the interpretation of bank investments as long-term investments in securities is also reflected in domestic economic literature. It is noted that it is customary to include securities with a maturity of more than one year as bank investments.

Investments are understood both as all directions of placement of resources of a commercial bank, and as an operation for the placement of funds for a period of time in order to generate income. In the first case, investments include the entire range of active operations of a commercial bank, in the second, its term component.

At the same time, in the real conditions of the Russian economy, where the securities market is characterized by the dominance of speculative investments, instability and does not play any significant role in solving the problems of investing in the economy, the priority importance of credit forms of meeting investment demand will remain for a sufficiently long period. Therefore, when studying the participation of banks in the investment process, one should take into account the dual nature of the investment activities of banks. The following indicators can be used as indicators of the investment activity of banks:

the volume of investment resources of commercial banks;

index of real value of investment resources;

volume of bank investments;

the share of investment investments in the total assets of banks;

structural indicators of banking investments by objects of their application;

indicators of the effectiveness of the investment activities of banks, in particular, the increase in assets based on the volume of investments, the increase in profits based on the volume of investments;

indicators of alternative profitability of investing in the manufacturing sector compared to investing in profitable financial assets;

In accordance with the object of investment, investments in real economic assets (real investments) and investments in financial assets (financial investments) can be distinguished. Banking investments can also be differentiated by more specific investment objects: investments in investment loans, term deposits, shares and equity participations, in securities, real estate, precious metals and stones, collectibles, property and intellectual rights, etc.

Depending on the purpose of the investment, bank investments can be direct, aimed at ensuring the direct management of the investment object, and portfolio, aimed at direct management of the object, and carried out with the expectation of receiving income in the form of a flow of interest and dividends or due to an increase in the market value of assets.

According to the purpose of investments, it is possible to single out investments in the creation and development of an enterprise and organization and investments that are not related to the participation of the bank in economic activities.

According to the sources of funds for investment, there are own and bank investments made at its own expense, and client investments made by the bank at the expense and on behalf of its customers.

According to the terms of investments, investments can be short-term (up to one year), medium-term (up to three years) and long-term (over three years). Investments of commercial banks are also classified by types of risks, regions, industries and other characteristics.

In addition to lending to investment projects in the sphere of production, real investments of banks can be made in the form of investments in real estate, precious metals and stones, collectibles, property and intellectual rights that are in market circulation, as well as the creation and development of their own material and technical base.

Banks' financial investments include investments in securities, term deposits with other banks, investment loans, shares and shares. As the stock market develops, investments in securities are becoming increasingly important: debt obligations (bills, certificates of deposit, state and municipal securities, other types of obligations issued by legal entities), equity securities (shares). Investments in securities can be made at the expense of the bank's funds (own investment transactions), as well as at the expense of funds and on behalf of the client (client investment transactions). The Bank may invest in the form of term deposits in other banks. Deposit transactions are used by the Central Bank to bind excess liquidity.

An investment loan acts as a form of providing a long-term loan on terms of payment, urgency and repayment, in which the bank has the right to return the principal amount of the debt and interest payments, but does not acquire the right to joint economic activities. At the same time, this type of lending has certain differences from other credit transactions, including the specific purpose of the loan, a longer period of provision and a high degree of risk. To reduce investment risks, Russian banks providing investment lending impose a number of additional conditions. The most common conditions are the following:

acquisition of a controlling stake in the enterprise;

providing financial guarantees from the government, reliable banks;

providing highly liquid collateral;

share.

Since an investment loan is issued for a long period, when assessing investment risks during the consideration of a loan application or an investment project, it is important not only to analyze the current creditworthiness of the borrower and his credit history, but also to take into account the dynamics of the financial condition of the enterprise.

Investments in shares, shares and shares, unlike investment lending, are a form of participation of banks in economic activities in which banks act as co-owners of the authorized capital of enterprises and organizations and founders (co-founders) of a company of a financial and non-financial nature.

Investments in the creation and development of enterprises and organizations include two types: investments in the economic activities of other enterprises and investments in the bank's own activities. The bank's investments in the economic activities of third-party enterprises and organizations are carried out through participation in their capital expenditures, formation or expansion of the authorized capital. When participating in the authorized capital through the purchase of shares, shares, shares, commercial banks become co-owners of the authorized capital and acquire all the rights that shareholders and participants in the enterprise have in accordance with the law. Investments in the creation and development of third-party enterprises also take place during the founding activities of the bank, when the latter is the founder (co-founder) of financial and non-financial companies and their associations. Organizations established by commercial banks are predominantly in the financial sector (investment funds and companies, brokerage firms, investment consultants, leasing and factoring firms, depository and clearing institutions, insurance firms, non-state pension companies, holding companies, financial groups, etc.) or services (financial consulting, information, etc.).

Investments in the creation and development of third-party enterprises and organizations may be of an industrial and non-productive nature. Production investments, acting as a form of participation of banks in the capital costs of economic entities, are carried out by providing investment loans and various ways of participating in the financing of investment projects. Commercial banks can participate in the financing of an investment project by providing a loan, corporatization, formation and expansion of the authorized capital, leasing, or various combinations of these methods.

Russian commercial banks often invest in the creation and development of enterprises and organizations, relying not on dividends and interest, but on a side economic result: gaining a foothold in the markets, attracting additional customers, etc. One of the investment conditions, as noted above, is the requirement to obtain control over the enterprise.

Existing laws and regulations contain a number of restrictions on the participation of banks in economic activities. Among them it should be noted:

legislative prohibition to engage in production, trade and insurance activities Federal Law "On Banks and Banking Activity" No. 395-1 dated 12/2/1990 (as amended on 07/29/2005);

limiting the participation of banks in the capital of other enterprises and organizations by 25% of their own funds;

limiting investments in the acquisition of shares (shares) of one legal entity to 10% of the bank's capital;

other restrictions imposed on all business entities (antimonopoly rules, regulations governing participation in financial and industrial groups).

Investments in the bank's own activities include investments in the development of its material and technical base and improvement of the organizational level. The direction of these investments depends on what tasks are supposed to be carried out with their help. Depending on the direction of investment, we can distinguish:

investments that improve the efficiency of banking activities. They are aimed at creating conditions for reducing banking costs by improving technical equipment, improving the organization of banking activities, working conditions, staff training, research and development;

investments focused on the expansion of banking services. Such investments involve expanding the resource and client base, increasing the range of banking operations, creating new divisions capable of providing the production of new types of banking services;

investments related to the need to comply with the requirements of state regulatory bodies. These investments are made, if necessary, to meet the requirements of regulatory authorities in terms of creating certain conditions for banking activities.

The effectiveness of investments in the development of the bank is achieved if, as a result of the costs incurred, the improvement of its financial condition is ensured, the transition to a higher rating category. Determining the volume and structure of investments in own activities, carried out in the process of developing a bank's investment plan, should be based on accurate technical and economic calculations. Exceeding the required volume of investments may lead to liquidity imbalance, decrease in the bank's revenue base and decrease in the efficiency of banking activities.

1.2 Goals and process of investment activities of commercial banks

Banks, buying certain types of securities, seek to achieve certain goals, the main of which include:

investment security;

return on investment;

investment growth;

liquidity of investments.

The main principles of effective investment activity of banks are:

firstly, the bank must have professional and experienced professionals who make up and manage the portfolio of securities. The result of the bank's activity to a decisive extent depends on the effectiveness of investment decisions;

secondly, banks act more effectively, the more they manage to distribute their investments among various types of stock values, i.e. diversify investments. It is advisable to limit the investment by types of securities, sectors of the economy, regions, maturity, etc.

thirdly, investments must be highly liquid so that they can be quickly transferred into instruments that, due to changes in market conditions, become more profitable, and also so that the bank can quickly get back its invested funds.

The investment portfolio of a commercial bank usually consists of various securities issued by the federal government, municipalities and large corporations.

To assess the feasibility of acquiring certain securities, there are two main professional approaches; most large commercial banks conduct both fundamental and technical analysis.

The most important reason for the significant increase in bank investment in securities is the relatively high level of income on them, less risk and high liquidity compared to lending operations.

The most important characteristic of the forms and types of banking investments is their assessment from the standpoint of a combined investment criterion, the so-called magic triangle "profitability-risk-liquidity", which reflects the inconsistency of investment goals and requirements for investment values.

Banks work mainly not on their own, but on attracted and borrowed resources, so they cannot risk their clients' funds by investing them in large investment projects, if this is not secured by appropriate guarantees. In this regard, when developing their investment policy, commercial banks should always proceed from real risk assessments, economic efficiency, financial attractiveness of investment projects, the optimal combination of short, medium and long-term investments. At the same time, the existing investment system is not only an internal affair of the bank itself. In accordance with the basic principles of banking regulation, an integral part of any supervisory system is an independent review of the bank's policy, operations and procedures related to the issuance of loans and capital investment, as well as the ongoing management of the loan and investment portfolios.

The main goal of the investment activity of the bank can be formulated as an increase in the income of investment activity with an acceptable level of investment risk. In addition to the general goal, the development of an investment policy in accordance with the economic development strategy chosen by the bank provides for taking into account specific goals, which are:

ensuring the safety of banking resources;

expansion of the resource base;

diversification of investments, the implementation of which reduces the overall risk of banking activities and leads to an increase in the financial stability of the bank;

maintaining liquidity;

expansion of the bank's sphere of influence through penetration into new markets;

increasing the circle of clients and strengthening the impact on their activities through participation in investment projects, in the creation and development of enterprises, the acquisition of securities, shares, shares in the authorized capital of enterprises;

Determining the optimal ways to implement the strategic goals of investment activities involves the development of the main directions of investment policy and the establishment of principles for the formation of sources of investment financing. In accordance with these criteria, the following areas of investment policy can be distinguished:

investing in order to receive income in the form of interest, dividends, payments from profits;

investing for the purpose of generating income in the form of an increase in capital as a result of an increase in the market value of investment assets;

investment with the aim of generating income, the components of which are both current income and capital gains.

Orientation to one of the above areas is a key link in the formation of investment policy, which determines the composition of investment objects, the source of income, the level of acceptable risk and approaches to investment analysis. When the investment policy is oriented towards capital growth, the stability of the increase in the market value of investment assets comes to the fore, and their profitability is considered only as one of the factors determining the value of assets. A policy aimed at capital growth is associated with investing in investment objects, which are characterized by an increased degree of risk due to the possibility of depreciation of their value. An increase in the market value of investment objects can occur both as a result of an improvement in their investment qualities and short-term fluctuations in market conditions. At the same time, the role of the speculative component increases. The features of this type of investment policy determine the strengthening of the role of perspective aspects of analysis in comparison with retrospective and current analysis in making investment decisions. The choice of the direction under consideration as a priority is characteristic of an aggressive investment policy, the purpose of which is to achieve high efficiency of each investment operation, to maximize income in the form of the difference between the price and acquisition of an asset and its subsequent value with a limited investment period.

In the practice of banking activities, the directions of investment policy can be combined in various forms, which, as a rule, make it possible to strengthen the advantages and mitigate the disadvantages. A variant of such a combination is a moderate investment policy, in which the preference is for a sufficient amount of income in the form of both current payments and capital growth with an investment period not limited by strict limits and moderate risk.

The Central Bank of the Russian Federation regulates the investment activities of commercial banks, defining priority investment objects and limiting risks by establishing a number of economic standards (the use of bank resources to acquire shares, issue loans, reserve for the depreciation of securities, bad loans), differentiated risk assessments for investments in various types of assets.

The organization of the investment policy in the bank involves the development of internal guidance documents that fix the basic principles and provisions of the investment policy. The experience of banking practice testifies to the expediency of formulating an investment policy in the form of an investment program. Reflecting the goals of investment, the investment program determines the main directions of investments and sources of their financing, the mechanisms for making and implementing investment decisions, the most important characteristics of investment assets: profitability, liquidity and risk, their ratio in the formation of the optimal structure of investment investments.

The limit of acceptable risk is the weighted average cost of attracting investment resources. Having established the preferred forms of income in the process of developing the main areas of investment, the investor determines the share of each form in the total income from investment investments. Management of investment activities provides for the analysis of the structure of assets to bring them in line with the structure of investment resources and ensure the required level of liquidity. The liquidity of investment assets should be associated with the nature of the liabilities that are the source of their financing.

1.3 Income and risks of investment activities of banks

The profitability of the investment activities of commercial banks depends on a number of economic factors and organizational conditions, among which the decisive role belongs to such as:

steadily developing economy of the state;

the presence of various forms of ownership in the sphere of production and services, including the banking sector with a predominance of private and joint-stock ownership;

streamlined and well-functioning structure of the financial and credit system;

presence of a developed and civilized securities market;

availability of securities market institutions (investment companies, funds, etc.);

a streamlined system of legislative acts and regulations governing the procedure for issuing and circulation of securities and the activities of the participants in the securities market themselves, used in the practice of international investment activities of commercial banks;

availability and training of highly qualified specialists and entrepreneurs in the investment field of activity and the securities market, etc.

The yield of securities of certain classes and types depends on the market value of the investment portfolio, which, in turn, fluctuates depending on changes in interest rates on bonds and certificates, discount interest, interest on bills, dividends on shares and, accordingly, supply and demand for these securities in the securities market. The main goal of investment management is to maximize return for a given level of risk or minimize risk for a given level of income. The income from the investment portfolio consists of the following components:

income in the form of interest payments

income from capital appreciation of securities held in the bank's portfolio

Commission for the provision of investment services - spread (the difference between the buying and selling rates in dealer operations). There are the following main types of investment risk:

credit risk

exchange rate risk

liquidity risk

risk of early withdrawal

business risk.

The risk of changes in the price of securities. This risk is associated with an inverse relationship between the rate of interest and the rate of hard-interest securities: with an increase in interest rates, the market value of securities decreases and vice versa. This creates big problems for the investment departments of banks, since when the economic situation changes, it often becomes necessary to mobilize liquidity and you have to sell securities at a loss. Rising interest rates lower the market price of previously issued securities, with issues with the longest maturities typically experiencing the largest price declines. Moreover, periods of rising interest rates are usually marked by an increase in demand for loans. And since the bank's top priority is to make loans, many securities must be sold in order to raise cash to make loans. A bank that bought securities in the face of falling demand for credit and relatively low interest rates, i.e. at a high market value, is forced to sell them at increased interest rates and a fall in the market value of securities. Negative foreign exchange differences occur on the bank's balance sheet, which reduce profits. As a rule, the market value of securities and the income of a commercial bank from them are inversely related: when securities prices are low, income from them is high and vice versa. Therefore, investors, buying securities during a period of low interest and other rates, run the risk of facing a decrease in the market value of securities in the event of an increase in rates on them. However, if interest rates decrease, the market value of securities will increase. Therefore, the increase in interest rates on securities has both positive and negative sides. The contradiction between liquidity and profitability determines the investment risk, which is considered in the investment activity of the bank as a dispersion of probable options for generating income with minimal damage, ensuring the liquidity of the bank as a whole. Banks should always consider the possibility that they may need to sell investment securities before maturity. In this regard, the question arises about the width and depth of the corresponding secondary market for this type of securities. The readiness of the leaders of a commercial bank to sacrifice liquidity for the sake of profit and vice versa means consciously taking more or less investment risk, taking into account all its factors.

Risk of early withdrawal of securities. Many corporations and some governments that issue investment securities reserve the right to call these instruments early and redeem them. Such redemption is allowed if the minimum allowable period has passed and if the market price of the bond is not lower than its initial market value. Since such “recalls” usually occur after market interest rates decline (when the borrower can issue new securities with lower interest costs), the bank faces the risk of loss of income as it must reinvest the returned funds at the lower interest rates prevailing on the bank. this moment. Banks usually try to minimize this call risk by purchasing bonds that cannot be called for several years, or by simply avoiding buying callable securities.

Business risk. All banks face a significant risk that the market economy they serve could collapse with declining sales and rising bankruptcies and unemployment. These adverse events are referred to as business risk. They are very quickly reflected in the bank's loan portfolio, where as the financial difficulties of borrowers grow, the volume of bad loans increases. Since the probability of business risk is quite high, many banks rely heavily on securities from other regions to offset the exposure to the risk of their loan portfolio. Market risk is due to the fact that due to unforeseen changes in the securities market or in the economy, the value of certain types of securities as an investment object of the bank may be partially lost, so that their sale will become possible only with a large discount in price.

2. Analytics of investments of commercial banks in the real sector of the Russian economy

2.1 Sources of bank investments

On a national scale, the overall level of investment depends in part on the level of savings of the population, institutions and the government. The amount of savings in a country directly affects the amount of investment in the country. It has already been noted that investments represent expenditures for the acquisition of equipment, buildings and housing, which in the future will result in a rise in the productive power of the entire economy. When a society saves part of its current income, this means that part of the production can be directed not to consumption, but to investment.

Most often, depositors and investors belong to different economic groups. When a family saves a portion of their income, they put their money in the bank. The bank lends this money to a company wishing to make an investment. In this case, depositors (individual citizens) and investors (enterprises) are connected through a financial intermediary (bank). Sometimes intermediaries and investors are the same person. If a business saves some of its profits and uses it to buy a new machine, it is saving and investing money at the same time. Sometimes a company saves its profits by increasing bank deposits. The bank then lends this money to another company that wants to make an investment. In a closed economy, the amount of saving exactly matches the amount of investment. What part of the national income is saved, such a part can be invested. Thus, we can say that in a closed country, domestic investment is equal to domestic saving.

All forms and types of investment activities of banks are carried out at the expense of the resources they generate. The policy of formation of investment resources is designed to ensure the implementation of investment activities on a given scale and directions, the effective use of own and borrowed funds invested in investment assets.

The adoption of bank investment decisions should be focused on achieving the optimal ratio between the volume and structure of investments and their resource provision from the standpoint of maximum profitability and minimum risk, which is the target function of the bank's investment policy. This involves forecasting investment directions in the coming period based on projected changes in the volume and structure of investment investments and sources of their financing.

Thus, the management of investment activity should cover both the formation of the main areas of investment and the determination of the necessary resource support. When forming sources of financing for specific types of investment investments, it is necessary to take into account the specifics of various types of banking resources, which makes it possible to analyze them in terms of the degree of stability, attraction costs and other criteria.

The most reliable and sustainable source of investment financing is the own funds (capital) of a commercial bank. Own funds of the bank, due to the significant specifics of banking, in comparison with other areas of commercial activity, occupy the largest share in the total volume of banking resources.

The main sources of financing active operations, which make up the largest share in the structure of bank liabilities, are deposit funds (term and demand). Demand deposits, in contrast to time deposits, being a cheaper source of resources for the bank, at the same time, constitute a group of liabilities characterized by a high risk of withdrawal.

A significant part of the funds attracted by Russian banks is of an unlimited or short-term nature. This circumstance underlies the negative assessment by many economists of the investment potential of Russian banks. However, even with the current structure of the resource base, there are certain opportunities to use parts of short-term funds to finance medium- and long-term investments without disturbing liquidity.

Despite the constant movement of funds on individual accounts, in their totality, a certain stable, irreducible balance can be distinguished. The transformation ratio, which characterizes the boundaries of the transformation of perpetual resources into urgent ones, according to calculations, is 10-40% of the sum of the balances on demand accounts. The growth of opportunities to raise funds in deposits is also associated with the use of deposit and savings certificates and other financial instruments that have appeared on the Russian market. An increase in the volumes of their issue, the circulation period levels out fluctuations in deposits, contributes to the expansion of the resource base of banks' investments. The strategy of maintaining the stability of deposits is the most important component of the overall strategy of commercial banks.

Resources formed by attracting loans can also be used as sources of investment financing. These include loans from the Central Bank, interbank loans, funds received as a result of the issue of debt obligations (bonds, bills). Borrowed sources are used to finance investments by active banks. To expand the possibilities of financing investment assets and maintain liquidity, they often resort to extensive loans of funds in the financial market. At the same time, the most important condition for the use of borrowed funds is the comparison of the costs of their attraction with the expected income from investment activities. Based on the analysis of the specifics of the movement of various types of banking resources, based on the degree of stability, the following three groups can be distinguished:

the most stable (own funds of banks and long-term liabilities);

stable (term savings deposits, loans from other banks, minimum balance of demand deposits);

unstable (fluctuating balances of demand deposits).

The greater the share of the stable and cheap part of banking resources, the higher, under other conditions, the profitability and stability of a commercial bank. Any shifts in the structure of assets and liabilities affect the profitability and risk of banking operations. These shifts are based on changes in credit and investment policies and the bank, which, in turn, are determined by a number of macroeconomic and microeconomic factors.

Long-term lending, especially in a nascent business environment, could be an important source of investment. There is no need to talk about the importance of long-term loans for the development of production in Russia. Long-term bank loans are primarily aimed at solving strategic goals in the economy. They contribute to a gradual increase in production and, as a result, the overall rise of the country's economy. There is a need to create investment banks that would be engaged in financing and long-term lending of capital investments. In the meantime, the government is forced to finance the necessary programs from the budget, and they are sorely lacking in the budget.

Attracting public funds to the investment sector by selling shares of privatized enterprises and investment funds, in particular, could be considered not only as a source of investment, but also as one of the ways to protect citizens' personal savings from inflation. It is possible to stimulate the investment activity of the population by establishing higher interest rates on personal deposits in investment banks compared to other banking institutions, attracting funds from the population for housing construction, providing citizens participating in investing in an enterprise with a priority right to purchase its products at a factory price, etc. .P.

For the influx of household savings into the capital market, a wide network of intermediary financial organizations is needed - investment banks and funds, insurance companies, pension funds, building societies, etc. control over enterprises claiming to attract funds from the population.

The main factor affecting the state of internal opportunities for financing capital investments is financial and economic instability. However, the lack of domestic investment potential can be considered relative.

2.2 Problems in the development of banking investment

The inflow of private national and foreign capital into the investment sphere is hindered by political instability, inflation, imperfection of legislation, underdevelopment of industrial and social infrastructure, and insufficient information support. The interconnection of these problems enhances their negative impact on the investment situation.

Weak investment potential is explained by disagreements between the executive and legislative authorities, the Center and objects of the Federation, the presence of interethnic conflicts in Russia itself and wars directly on its borders, legislation unfavorable for investors, inflation, a decline in production, etc. Russian legislation is unstable, commercial activity encounters many bureaucratic hurdles. However, some changes are already taking place in these areas. All these factors outweigh such attractive features of Russia as its natural resources, powerful, although technically obsolete and chronically underloaded production apparatus, availability of cheap and sufficiently skilled labor, and high scientific and technical potential. In a market economy, the totality of political, socio-economic, financial, socio-cultural, organizational, legal and geographical factors inherent in a particular country, attracting and repelling investors, is commonly called its investment climate. Ranking the countries of the world community according to the investment climate index or its opposite indicator of the risk index serves as a general indicator of the country's investment attractiveness and a "barometer" for foreign investors. Despite the fact that the domestic stock market has been showing steady growth over the past few years, its "narrowness" due to the reluctance of most companies to become public and infrastructure problems act as factors holding back investment. Moreover, recently there has been a tendency to move trading in securities of domestic companies to Western exchanges, while the share of Russian stock exchanges in the total volume of trading in Russian shares has decreased.

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COURSE WORK

Subject: “Money. Credit. Banks»

on the topic: "Investment activities of commercial banks"

Introduction

Chapter 1. Theoretical aspects of the investment activity of a commercial bank

1 Essence and forms of investment activity of a commercial bank

2 The process of investment activity of a commercial bank

2 Classification of operations of credit institutions with securities

Chapter 3. Problems of development of investment of commercial banks

2 Conditions and prospects for the development of investment activities of a commercial bank

Conclusion

Applications

Introduction

The investment activity of commercial banks is of strategic importance not only for a particular element of the banking sector, but also for the country as a whole. Solving the problem of increasing the efficiency of investment activities by commercial banks is associated with economic growth, raising the living standards of the population, ensuring socio-economic stability and economic security. A rational investment policy will also ensure the effective development of the commercial bank itself. That is why consideration of the topic "Investment activity of commercial banks" is relevant today, in the context of the increasing role of the banking sector.

This course work is devoted to an important problem for a developing economy - the investment activity of a commercial bank. The need to intensify the participation of banks in the investment process stems from the interdependence of the successful development of the banking system and the economy as a whole. On the one hand, commercial banks are interested in a stable economic environment, which is a necessary condition for their activities, on the other hand, the stability of economic development largely depends on the degree of stability and elasticity of the banking system, its effective functioning. At the same time, since the interests of an individual bank as a commercial entity are focused on obtaining maximum profit with an acceptable level of risk, the participation of banks in investing in the economy is carried out only under favorable conditions.

mobilization by banks of funds for investment purposes;

provision of investment loans;

investments in securities, shares, equity participations (both at the expense of the bank and on behalf of the client).

The purpose of the course work is to get acquainted with the investment activity of the bank, on the basis of this, to identify the conditions and prospects for the development of the investment activity of a commercial bank in the real sector of the Russian economy.

In accordance with the goal, the main tasks of the work are:

to study the theoretical foundations of the investment activities of commercial banks;

Consider the formation and organization of the investment activities of commercial banks: pay attention to the formation of the investment portfolio of commercial banks and, directly, to the classification of operations conducted by commercial banks with securities;

To reveal problems and ways of development of investment activity of Russian commercial banks at the present stage of economic development.

The methodological basis of the work was the work of the authors: Alekseeva D.G., Tavasieva A.M., Lavrushin O.I., Zharkovskaya I.O. and other sources. Also, for writing the term paper, such electronic sources were used as: Department of Research and Information of the Bank of Russia. Annual review of the financial market for 2012 and the website of the Central Bank of the Russian Federation.

CHAPTER 1. THEORETICAL ASPECTS OF THE INVESTMENT ACTIVITY OF A COMMERCIAL BANK

1.1 Essence and forms of investment activity of a commercial bank

Today, the banking system is one of the most important and integral structures of a market economy, in which commercial banks play a basic role. Commercial banks act, first of all, as specific credit institutions, which, on the one hand, attract temporarily free funds of the economy, on the other hand, satisfy the various financial needs of enterprises, organizations and the population through these borrowed funds.

Analyzing the essence of the investment activity of a commercial bank, let us turn to the consideration of some concepts that determine the theoretical basis of this issue.

Usually, investments are understood as long-term investments of capital in any enterprise, business, project. However, the following definition should be considered more correct. Bank investments are long-term investments of bank resources in securities in order to obtain direct and indirect income. The bank receives direct income from investments in securities in the form of dividends, interest or resale profits. Indirect income is formed on the basis of expanding the influence of banks on customers through the ownership of a controlling stake in their securities.

Investment activity is an investment and a set of practical actions for their implementation. The subjects of investment activity are investors, including banks, and the objects of investment activity are newly created and modernized fixed and current assets, securities, targeted cash deposits, scientific and technical products, and other property objects.

The main areas of participation of banks in the investment process in the most general form are as follows:

· mobilization by banks of funds for investment purposes;

· provision of investment loans;

· investing in securities, shares, equity participations (both at the expense of the bank and on behalf of the client).

The following indicators can be used as indicators of the investment activity of banks:

· the volume of investment resources of commercial banks;

· volume of bank investments;

· the share of investment investments in the total assets of banks;

· indicators of the effectiveness of the investment activities of banks, in particular, the increase in assets based on the volume of investments, the increase in profits based on the volume of investments;

· indicators of the alternative return on investing in the manufacturing sector compared to investing in profitable financial assets.

It should be noted that from the point of view of economic development, the investment activity of banks includes investments that contribute to generating income not only at the level of the bank, but also of society as a whole (unlike those forms of investment activity that, while providing an increase in the income of a particular bank, are associated with the redistribution public income). Therefore, from the point of view of macroeconomics, the criterion for referring to investment activity is the productive orientation of the bank's investments.

1.In accordance with the object of investment, investments in real economic assets (real investments) and investments in financial assets (financial investments) can be distinguished. Banking investments can also be differentiated by more specific investment objects: investments in investment loans, term deposits, shares and equity participations, in securities, real estate, precious metals and stones, collectibles, property and intellectual rights, etc.

Real investments, as a rule, make up an insignificant share in the total volume of bank investments. More typical for banks as financial and credit institutions are financial investments.

2.Depending on the purpose of investments, bank investments can be direct, aimed at ensuring the direct management of the investment object, and portfolio, carried out with the expectation of receiving income in the form of a flow of interest and dividends or due to an increase in the market value of assets.

3.According to the purpose of investments, it is possible to distinguish between investments in the creation and development of an enterprise and organization and investments that are not related to the participation of the bank in economic activities.

· investments that improve the efficiency of banking activities. They are aimed at creating conditions for reducing banking costs by improving technical equipment, improving the organization of banking activities, working conditions, staff training, research and development;

· investments focused on the expansion of banking services. Such investments involve expanding the resource and client base, increasing the range of banking operations, creating new divisions capable of providing the production of new types of banking services;

· investments related to the need to comply with the requirements of state regulatory bodies. These investments are made, if necessary, to meet the requirements of regulatory authorities in terms of creating certain conditions for banking activities.

4.According to the sources of funds for investment, a distinction is made between the bank's own investments made at its expense and client investments made by the bank at the expense and on behalf of its customers.

5.According to the terms of investments, investments can be short-term (up to one year), medium-term (up to three years) and long-term (over three years).

.Investments of commercial banks are also classified by types of risks, regions, industries and other characteristics.

Efficiency from investments in the development of the bank is achieved if, as a result of the costs incurred, the improvement of its financial condition is ensured. Determining the volume and structure of investments in own activities, carried out in the process of developing a bank's investment plan, should be based on accurate technical and economic calculations. Exceeding the required volume of investments may lead to liquidity imbalance, decrease in the bank's revenue base and decrease in the efficiency of banking activities.

1.2 The process of investment activity of a commercial bank

It is important to have an idea about the process of investment activities of commercial banks. The investment policy of commercial banks involves the formation of a system of targets for investment activity, the choice of the most effective ways to achieve them. In the organizational aspect, it acts as a set of measures for organizing and managing investment activities, aimed at ensuring optimal volumes and structure of investment assets, increasing their profitability with an acceptable level of risk. The most important interrelated elements of the investment policy are the tactical and strategic processes of managing the bank's investment activities.

Under the investment strategy understand the definition of long-term goals of investment activities and ways to achieve them. Its subsequent detailing is carried out in the course of tactical management of investment assets, including the development of operational goals for short-term periods and means for their implementation. The development of an investment strategy is thus the starting point of the investment management process.

The formation of investment tactics takes place within the framework of the given directions of the investment strategy and is focused on their implementation in the current period. It provides for determining the volume and composition of specific investment investments, developing measures for their implementation, and, if necessary, compiling a model for making management decisions on exiting an investment project and specific mechanisms for implementing these decisions.

Banks, buying certain types of securities, seek to achieve certain goals, the main of which are:

· investment security;

· return on investment;

investment growth;

· liquidity of investments.

Security is always achieved at the expense of profitability and investment growth. The optimal combination of security and profitability is achieved by careful selection and constant revision of the investment portfolio.

In addition to general goals, the development of an investment policy in accordance with the economic development strategy chosen by the bank provides for taking into account specific goals, which are:

· ensuring the safety of banking resources;

· expansion of the resource base;

· diversification of investments, the implementation of which reduces the overall risk of banking activities and leads to an increase in the financial stability of the bank;

· minimizing the share of non-income-generating assets (cash, funds on correspondent accounts with the Central Bank) by replacing part of them with short-term investments that have a degree of liquidity comparable to cash, but at the same time bring some income;

· obtaining an additional effect when acquiring shares of financial institutions, purchasing branches, establishing subsidiary financial institutions as a result of increasing capital and assets, a corresponding expansion of the scale of operations, mobile redistribution of existing resources, diversifying funds, entering new markets, saving current costs.

All active strategies are based on forecasting the situation in various sectors of the financial market and the active use by banking specialists of forecasts for adjusting the securities portfolio.

Passive strategies use the forecast for the future to a lesser extent. A popular approach in such management practices is indexing, i.e. securities for the portfolio are selected based on the fact that the return on investment must correspond to a certain index and have a uniform distribution of investments between issues of different maturity. A real portfolio strategy combines elements of both active and passive management.

A prerequisite for the formation of investment policy is the general business policy of the bank's development. The process of forming the investment policy of the bank in the most general form is presented in Appendix 1.

· investing in order to receive income in the form of interest, dividends, payments from profits;

· investing for the purpose of generating income in the form of an increase in capital as a result of an increase in the market value of investment assets;

· investment with the aim of generating income, the components of which are both current income and capital gains.

When choosing the first direction of investment policy, the stability of income is of decisive importance. This direction provides for investing in fixed income assets for a long period of time with minimal risk, high investment reliability, guaranteed income, risk level and the possibility of their hedging. Particular attention is paid to the retrospective and current aspects of the analysis, the collection and processing of information characterizing the movement of interest rates, the yield of securities, the rating of the company - issuers of securities.

When the investment policy is oriented towards capital growth, the stability of the increase in the market value of investment assets comes to the fore, and their profitability is considered only as one of the factors determining the value of assets. A policy aimed at capital growth is associated with investing in investment objects, which are characterized by an increased degree of risk due to the possibility of depreciation of their value.

In the practice of banking, both directions of investment policy can be combined in various forms, which, as a rule, make it possible to enhance the advantages and mitigate the disadvantages. A variant of such a combination is a moderate investment policy, in which the preference is for a sufficient amount of income in the form of both current payments and capital growth with an investment period not limited by strict limits and moderate risk.

Chapter 2. Formation and organization of investment activities of a commercial bank

1 Formation of an investment portfolio by a commercial bank

To implement the developed investment process: the choice of the purpose of investment activity, the most favorable strategy from the possible ones, an investment portfolio is formed.

The bank's securities portfolio is a set of bank securities, selected in a certain way for the purpose of increasing capital, making a profit for the bank and maintaining its liquidity. The procedure for compiling a securities portfolio is the bank's portfolio strategy. The content of the securities portfolio determines its structure - the ratio of specific types of securities. The priority of certain goals corresponds to different types and types of the bank's securities portfolios.

There are portfolios of securities:

) balanced, fully consistent with the investment strategy of the credit institution;

) unbalanced, not corresponding to the investment strategy of the credit institution.

The goals of formation of securities portfolios include:

) receiving income;

) preservation of capital;

) ensuring capital gains in case of an increase in the price of securities.

The formation of a securities portfolio includes a number of stages:

) choice of portfolio type and definition of its nature;

) assessment of portfolio investment risk;

) portfolio structure modeling;

) portfolio structure optimization.

The portfolio may be focused more on reliability or profitability. The nature of the securities portfolio may be:

) conservative or balanced;

) aggressive:

) unsystematic.

The conservative investment strategy is based on the maximum security of the safety of invested funds. This strategy is most suitable for those investors who do not want to risk their money. This strategy is also suitable for investors who are not going to make long-term investments.

An aggressive portfolio uses an aggressive investment strategy, which is characterized by high rates of possible profit in the future. It serves the interests of those investors who are willing to take on a high degree of risk of incurring losses in order to obtain high profits. An aggressive investment strategy corresponds to an investment portfolio made up of stocks of various companies.

An unsystematic portfolio is formed randomly without a specific system.

Securities portfolios can be fixed, that is, maintain their structure for a specified period, and changing, having a variable structure of securities, the composition of which is constantly updated in order to obtain maximum economic growth.

In terms of maturity, portfolios of securities can be oriented to include only short-term or medium-term and long-term securities in their composition.

An important stage in the formation of an investment portfolio is the selection of specific investment objects for inclusion in the investment portfolio based on an assessment of their investment qualities and the formation of an optimal portfolio.

In accordance with the purpose of investment, the formation of a portfolio of securities can be carried out on the basis of a different ratio of income and risk, characteristic of a particular type of portfolio. Depending on the type of portfolio chosen, securities with appropriate investment properties are selected.

The investment portfolio management process is aimed at maintaining the main investment qualities of the portfolio and those properties that correspond to the interests of the holder. The set of methods and technical capabilities applied to the portfolio is called the management style. There are active and passive styles of portfolio management.

The active management style consists in predicting the amount of possible income from investing funds. With active management, any portfolio is considered temporary. When the difference in expected returns disappears, then the components or the entire portfolio are replaced by another.

Passive management is based on the notion that the market is efficient enough to be successful in stock selection or timing and involves building a well-diversified portfolio with long-term expected returns and risks. The passive style is characterized by low turnover, minimal overheads and low specific risk.

A bank forming a portfolio of securities constantly solves the problem of optimizing the structure of this portfolio - achieving the optimal degree of diversification of securities in the portfolio.

To find an efficient portfolio of stocks, it is necessary to calculate all admissible sets of portfolios based on the risk-return ratio and display the boundary on which the resulting portfolios with minimal risk will lie for a given return.

The efficient frontier is the frontier that defines the efficient set of portfolios. Portfolios located to the left of the efficient frontier go beyond the boundaries of the admissible set, and therefore are not admissible for consideration. Portfolios located to the right and below the effective frontier are inefficient, because There are portfolios that provide a higher return for a given level of risk, or a lower risk for a given level of return. The effective frontier starts with the portfolio that has the lowest standard deviation. Portfolios that lie on the efficient frontier and are above and to the right of the efficient portfolio with minimal risk will also be efficient.

2.2 Classification of operations of credit institutions with securities

As noted earlier, there are three main classes of banking operations with securities - active, passive and intermediary (commission) operations.

The main active transactions with securities include:

· Investments in shares for the purpose of investment;

· Investments in shares, bonds of a speculative (short-term) nature (form the bank's own portfolio of shares);

· Promissory notes discounting - purchase of interest-bearing or discount bills from their issuer or from their holder before maturity at a discount;

· REPO transactions - the purchase of securities under resale agreements (one party buys a package of securities, less often bonds, with a simultaneous obligation to sell it back to the other party at a certain time at an agreed price).

Basic passive operations:

· Issuance, sale and servicing of own bills;

· Issue and maintenance of own shares;

· Sale/purchase of own deposit and savings certificates.

The main intermediary (commission) operations include:

· Implementation of brokerage customer service - conclusion of transactions on behalf of and on behalf of the client on the exchange and over-the-counter market;

· Assistance in placement and sale of own client securities (bonds, promissory notes);

· Depository (custodial) services consist of storage, accounting and re-registration of securities, corporate actions with issuers.

Appendix 2 presents the structure of Russian credit institutions' investments in securities for 2012, illustrating the main transactions and their volume.

In 2012, the growth in the volume of financial resources attracted by credit institutions contributed to the increase in their investments in securities. However, due to the continued uncertainty of price expectations on the Russian stock market, as well as a more significant increase in other areas of investment, the share of securities in the structure of their assets decreased.

In 2012, credit institutions applied predominantly conservative investment strategies in the capital market due to the still high investment risks in the Russian stock market. Investments of credit institutions in equity securities in January-October 2012 decreased by 6.9%, mainly due to shares of non-financial institutions.

In 2012, credit institutions increased their investments in debt securities. In January-October 2012, the volume of credit institutions' investments in debt obligations increased by 10.5%, mainly due to debt obligations transferred without derecognition. This is probably due to the growth in the volume of REPO transactions. Investments in debt obligations of the Russian Federation decreased by 29.2%. Also in 2012, investments in foreign securities increased by credit institutions (by 3.9% in January-October 2012). At the same time, investments in foreign securities of credit institutions grew more slowly compared to the securities of residents.

There was no significant increase in the investment risks of credit institutions due to the increase in investments in foreign securities, since the share of such investments in the structure of securities portfolios remained relatively low. As of November 1, 2012, it amounted to 14.9% for credit institutions.

Summing up, it can be noted that the results of investment activities of credit institutions have improved compared to 2011. Net income received by credit institutions from operations with securities in January-September 2012 amounted to 251.6 billion rubles. Thus, in 2012 there was an increase in the securities portfolios of credit institutions.

Chapter 3. Problems of development of banking investment

1 Problems of banking investment at the present stage of economic development

The inflow of private national and foreign capital into the investment sphere is hindered by political instability, inflation, imperfection of legislation, underdevelopment of industrial and social infrastructure, and insufficient information support. Commercial activity encounters many bureaucratic factors. The interconnection of these problems enhances their negative impact on the investment situation.

In a market economy, the totality of political, socio-economic, financial, socio-cultural, organizational, legal and geographical factors inherent in a particular country, attracting and repelling investors, is commonly called its investment climate. The ranking of the countries of the world community according to the investment climate index or its inverse indicator of the risk index serves as a general indicator of the country's investment attractiveness.

Russia still lacks its own system for assessing the investment climate and its individual regions. Investors are guided by the assessments of numerous firms that regularly monitor the investment climate in many countries of the world, including Russia. However, assessments of the investment climate in Russia, given by foreign experts at their regular meetings, held outside the Russian Federation and without the participation of Russian experts, seem to be of little reliability. In this regard, the task arises of forming, on the basis of the studies carried out at the Institute of Economics of the Russian Academy of Sciences, the National System for Monitoring the Investment Climate in Russia, large economic regions and subjects of the Federation. This will ensure the inflow and optimal use of investments, and will serve as a guide for Russian banks in their own credit policy.

Despite the fact that the domestic stock market has been showing steady growth over the past few years, its “narrowness” due to the reluctance of most companies to become public and infrastructure problems act as factors holding back investment. Moreover, recently there has been a tendency to move the trade in securities of domestic companies to Western exchanges.

Experts have serious complaints about pricing on the Russian stock market. Thus, in developed markets, the formation of the market price of a share occurs, as a rule, on the basis of fundamental factors, primarily an assessment of the financial condition of the company (its net profit, revenue and other indicators). In Russia, the current share price largely depends on speculative tendencies, which, of course, carries with it a high investment risk.

Experts attribute the unwillingness of even the largest domestic companies to carry out initial public offerings to the negative factors of the current state of the Russian stock market. Since 1999, there have been only a few initial public offerings on the Russian stock market. Practice shows that if a company is interested in a real attraction of capital, then it applies for this to London or New York, since foreign investors have greater financial opportunities compared to domestic investors. In part, the same reason leads to an increase in the share of Western trading floors in the total volume of trading in domestic shares. And, as you know, where the trading activity is higher, there the main formation of the share price takes place.

Thus, the Russian stock market in its current state can hardly be considered a reliable mechanism capable of ensuring the steady growth of the economy and the well-being of citizens. If Russia can create a strong stock market, then not only will companies be able to raise relatively “cheap” money in sufficient quantities, but ordinary savers will also benefit from a wider range of investment vehicles. That is, ordinary citizens will be able to receive more income from their savings and do it with less risk.

In recent years, a layer of enterprises and entrepreneurs who have accumulated large amounts of capital has developed in Russia. Due to the instability of the economic situation in the country, large funds are transferred into hard currency and deposited in Western banks. The outflow of monetary resources (potential investments) from Russia is several times higher than their inflow.

The technology of carrying out market reforms involves a sequence of steps, along with stimulating capital inflow, measures are immediately taken to prevent its outflow.

investment commercial bank credit

3.2 Conditions and prospects for the development of investment activities of commercial banks

In 2013, while the uncertainty of price expectations in the Russian stock market persists, credit institutions and most types of non-banking financial institutions will continue to apply predominantly conservative investment strategies in the capital market. The volume of their investments in securities will be determined by the situation on the Russian stock market. Some of the legal innovations of 2012 may favorably affect the investment opportunities of credit institutions and non-banking financial institutions in the capital market in 2013. For example, the influx of shareholders into unit investment funds (UIFs) will probably be facilitated by the emergence of new types of funds - exchange-traded mutual funds. The development of new areas of insurance, in particular compulsory insurance of civil liability of owners of hazardous facilities, will serve as an incentive to increase the volume of insurance premiums collected by insurers. Some experts do not rule out the possibility of softening in 2013 the legislative requirements for the composition and structure of the assets of insurers, NPFs and MCs participating in the GPT, which may also have a positive impact on the investment opportunities of these institutions in the capital market.

The participation of banks in the securities market will largely be determined by the pace of its development. In those sectors where the participation of banks is noticeable (these are government securities in rubles and in foreign currency, as well as the corporate bond market), they will retain their positions as issuers and as investors. However, it can be assumed that in the near future the financing of the economy will continue to be carried out mainly through lending.

In choosing investment objects, Russian investors often focus on the following principles.

First, it is necessary to choose the most promising sectors of the economy, the products of which are in the greatest demand, the markets for the products of these sectors should only grow. Traditionally, the first attractive sector is oil. Oil is an international commodity and is easy to value. A company's market capitalization per barrel of reserves or production is already the basis for comparing Russian companies with foreign ones. The next sectors of interest to investors are telecommunications and energy.

Secondly, it is necessary to choose enterprises, information about all aspects of whose activities is fully available to shareholders, that is, transparent companies in the sense of finance.

The third component of a potentially successful company is professional management.

Of great importance when choosing shares for investment is the assessment of the impact of the liquidity of shares (in other words, the tradability of shares) on their market value. As a stock becomes more liquid, moving up the liquidity levels, an increasingly higher liquidity premium enters the market price - the share price rises.

Based on the impact of liquidity on the market value of a share, it can be quite a profitable strategy to search for companies that are on the verge of moving from the category of low liquidity to the category of sufficiently liquid ones. Investors betting on rising liquidity seek to outperform the market by finding businesses that are partially undervalued. In every branch of Russian industry there are cheap, low-liquid enterprises with solid net profits, with competitive products and a wide sales market, as well as a strong management team.

It is necessary to develop the institutional investment infrastructure, which should become more and more international and integrated. The more versatile the composition of such an infrastructure is, the more fully it will be able to realize the capabilities of various states, investment technologies and attract resources on more convenient and favorable terms.

Conclusion

In this course work, the features of the investment activity of a commercial bank are fully considered in relation to the tasks set.

Summing up the course work, we can draw the following conclusions.

The value of the investment activity of a commercial bank is especially high today, in the context of an increase in the growth rate of the banking sector in our country.

Bank investments have their own economic content. Investment activity in the microeconomic aspect - from the point of view of the bank as an economic entity - can be viewed as an activity in which it acts as an investor, investing its resources for a period of time in the creation or acquisition of real and purchase of financial assets to generate direct and indirect income.

At the same time, the investment activity of banks has another aspect related to the implementation of their macroeconomic role as financial intermediaries.

Based on the studied theoretical material, the paper presents the concept of investment activity, which most objectively reflects its economic essence. Thus, investment activity is the investment of funds, investment or the total activity of investing money and other values in projects, as well as ensuring the return on investment.

Also in the course work, the formation of the process of investment activity was considered, since, in my opinion, for the good functioning of a commercial bank, it is necessary to form a system of investment activity targets and choose the most effective ways to achieve them.

The process of forming an investment portfolio, in turn, is associated with the selection of a certain set of investment objects for investment activities. The essence of portfolio investment is to improve investment opportunities by giving a set of investment objects those investment qualities that are unattainable from the standpoint of a single object, and are possible only with their combination. The structure of the investment portfolio reflects a certain combination of the bank's interests.

The last chapter of this course work is devoted to the problems of banking investment (a number of main problems are identified, their causes are identified), the conditions and prospects for the development of investment activities of commercial banks.

List of used literature

1. Alekseeva. D.G. Pykhtin S.V. Khomenko E.G. Banking Law: Proc. allowance - M.: Jurist, 2009 - 356s

Banking. Management and technology: a textbook for university students studying in economic specialties / ed. A.M. Tavasiev.-3rd ed., revised. and additional - M.: UNITY-DANA, 2012 - 663s

Banking. Operations, technologies, management/A. Turbanov. A. Tyutyunnik-M.: Alpina Publisher 3, 2010 - 682s

Banks and banking: Textbook for universities. 2nd ed. - St. Petersburg: Peter, 2008-346s

Banking operations: textbook. allowance for sredn. prof. Education / ed. Yu.I. Korobova-M.: Master, 2008 - 397s

Goncharenko L.P. "Investment management", Tandem - 2008 - 354s

Money, credit, banks: Textbook / Ed. O.I. Lavrushin. - 2nd ed., revised. and additional - M .: Finance and statistics, 2008 - 487s

8. Money, credit, bank and: a textbook for universities / ed. G. N. Beloglazova.- M.: Yurayt, 2009. - 429s

Money. Credit. Banks: textbook / Yu. V. Bazulin and others; ed. V. V. Ivanova, B. I. Sokolova. - 2nd ed., revised. and additional - M.: Prospect, 2009 - 467s

Money, credit, banks: a textbook for universities in economic specialties / Finance. acad. under the Government of Russia. Federations; ed. O. I. Lavrushina. - 5th ed., Sr. - M.: Knorus, 2008-572s

11. Research and Information Department of the Bank of Russia. Annual review of the financial market for 2012 - p68 #"justify"> 12. Zharkovskaya, E.P. Banking: A course of lectures / E.P. Zharkovskaya, I.O. Arends. Moscow: Omega-L.-2008 -224s

Zharkovskaya E.P. Banking: textbook / E.P. Zharkovskaya. Ed. 3rd, rev. and additional M.: Omega. - 2009 -387s

14. Igonina L.L. Investments: textbook / L.L. Igonina; ed. V.A. Slepova. M.: The Economist, 2008 - 498 p.

15. Kazmin A.I. Sberbank of Russia: Reliability Proven by the Crisis // Finance and Credit. 2008 - 189s

16. Kolmykova T.S. Investment analysis. Ed. Infra - M, 2009 - 240s

17. Pechnikova A. V., Markova O. M., Starodubtseva E. B. Banking operations. - M.: "INFRA-M", 2008 -321s

18. Development of the banking system. D.K.B.: studies. allowance / S.A. Chernetsov. - M.: Master, 2009 - 233s

Serov V.M. Investment management. - M.: Infra - M, 2008 - 156s

Tagirbekova K.D. Organization of the activities of a commercial bank / K.D. Tagirbekov. M: The whole world. - 2008. - 674s

21. Fedorov N.A. Investment tools of commercial banks / N.А. Fedorov. Moscow: Market DS. - 2004 - 185s

22. Sharp, W. Investments / W. Sharp. - M.: Infra-Mu - 2005. - 895s

23. Yankovsky K.P. Organization of investment and innovation activities: textbook / K.P. Yankovsky. SPb: Peter. - 2008 - p. 401s

Appendix 1

Figure 1: The process of forming the bank's investment policy

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