CREDIT BANK OF MOSCOW reports its preliminary RAS results for the first seven months of 2018


CREDIT BANK OF MOSCOW has reported its preliminary results for January-July 2018 in accordance with the Russian Accounting Standards.

The Bank’s pre-tax net income for the first seven months of 2018 increased by 6.0% yoy to RUB 4.1 bln. It was driven by provisioning charges falling 52.6% to RUB 7.5 bln as a result of better loan portfolio quality, and by net interest income rising 10.8% to RUB 25.9 bln. Net income after taxes was RUB 2.4 bln.

The Bank’s total assets stayed at the 2017 level of RUB 1,847.0 bln. 

Total retail and corporate loan portfolio, including repos, expanded by 2.2% to RUB 1,633.2 bln, of which 93.8% is attributable to corporate loans and 6.2% to retail loans. The retail portfolio grew by 5.6% to RUB 100.5 bln and the corporate portfolio by 2.2% to RUB 1,532.7 bln.

Retail deposits rose by 21.2% ytd (by 11.2% in July alone) to RUB 345.4 bln, in particular due to the assignment of Sovietsky Bank’s private deposits in July 2018. Corporate deposits grew by 3.4% ytd to RUB 777.0 bln. Thus, the bank’s deposit base has exceeded RUB 1 tln.

Total capital calculated in accordance with Basel III grew by 4.3% ytd to RUB 263.0 bln, in particular due to the inclusion of RUB 5 bln perpetual subordinated bonds issued in July 2018 in the Bank’s Tier I capital.

Capital adequacy ratios as of 1 August 2018 strengthened compared to the 1st January and reached: N1.1 – 8.9%, N1.2 – 12.9%, N1.0 – 21.8%.