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CREDIT BANK OF MOSCOW publishes its RAS results for 1H2017

11.08.2017

The Bank showed pre-tax income of 5.2 bln roubles in the reporting period, which is 26.2% more than last year. Net income was RUB 1.1 bln.

Net interest income after provisions increased by 23.0% yoy up to RUB 8.9 bln because of reduced loan loss charges. Net fee income was RUB 3.8 bln for 6M2017.

The Bank’s total assets reached RUB 1.4 tln as of 1 July 2017 having increased by 0.6% ytd, mainly due to net receivables’ (incl. net loan portfolio and net due from banks) growth by 4.5% or RUB 49.7 bln.

The Bank’s net loan portfolio (excl. repo transactions) expanded by 13.7% to RUB 692.8 bln as at the reporting date, of which RUB 611.7 bln or 88.3% are attributable to corporate loans, and RUB 81.1 bln or 11.7% to net retail loans. The growth was mainly driven by corporate loans which increased by 16.3%.

Customer deposits increased by RUB 139.4 bln or by 18.0% to RUB 915.0 bln, mainly due to a 21.3% growth of corporate deposits that reached RUB 645.7 bln in the first 6 months of 2017. Retail deposits, including those of sole proprietors, rose by 10.6% to RUB 269.3 bln.

The Bank’s capital adequacy ratios as of 1 July 2017 were: N1.1 – 6.7%, N1.2 – 10.0%, N1.0 – 17.0%, while the total capital calculated in accordance with Basel III grew by 47.6% ytd from RUB 141.1 bln to RUB 207.5 bln. That growth was mainly due to the placement of two subordinated Eurobonds in the reporting period via a special purpose vehicle, CBOM Finance PLC, totalling USD 1.3 bln, of which USD 600 mln was included in the Bank’s T2 capital and USD 700 mln was included in the Bank’s AT1 capital.