CREDIT BANK OF MOSCOW reports its preliminary RAS results for 2016
CREDIT BANK OF MOSCOW has reported its preliminary results for 2016 in accordance with Russian Accounting Standards.
All figures stated as of 1 January 2016, but not as of 1 January 2017, reflect subsequent events.
In 2016 the Bank earned RUB 2.7 bln of net income (2015: RUB 125 mln). The increase in net income reflects the growth of interest income, fee and commission income, and some operating income items.
The net interest income (before provisions) in 2016 was RUB 40.4 bln, + 31% yoy. The net fee income amounted to RUB 8.4 bln which is 9% more than in 2015.
The Bank’s total assets as of 1 January 2017 reached RUB 1,382.3 bln, a 16.6% or RUB 196.3 bln growth during the year. CREDIT BANK OF MOSCOW is ranked 9th by total assets among Russian banks (Banki.ru) and is the 3rd largest privately-owned bank.
The Bank's loan portfolio before impairment provisions soared by 30.3% to RUB 1,106.6 bln as at the reporting date, of which RUB 1,004.1 bln or 90.7% are attributable to corporate loans and RUB 102.5 bln or 9.3% to retail loans.
Customer deposits decreased by 21.4% to RUB 775.6 bln as at the reporting date, mainly due to a 32.5% reduction in corporate deposits that stood at RUB 532.2 bln. Retail deposits increased by 22.8% to RUB 243.3 bln.
The Bank’s capital adequacy ratios as of 1 January 2017 were: N1.1 – 7.3%, N1.2 – 7.3%, N1.0 – 12.6%, while the total capital calculated in accordance with Basel III decreased to RUB 141.2 bln, minus 6.5% yoy due to devaluation and amortisation of FX-nominated subordinated loans.
The Bank's branch network consisted of 90 offices and 23 stand-alone cash desks in and around Moscow as of 1 January 2017. It had around 5,100 payment terminals and over 1,000 ATMs as at end-2016.
The Bank is one of the cash collection market leaders. As of end-2016 it had over 3,500 cash collection customers, of which 206 were credit institutions.