CREDIT BANK OF MOSCOW announced its results under RAS for the first half of year 2014
CREDIT BANK OF MOSCOW reported its operating results for the first half of 2014 in accordance with Russian Accounting Standards (RAS).
The Bank's net profit increased more than 1.5 times in the first half of 2014 compared to the same period of last year and amounted to RUB 5.6 bln. The growth of net profit was due to the increase in revenues of the Bank from its main activities. Net interest income increased by 70% and net fee and commission income — by 46%, amounting to RUB 7.0 billion and RUB 3.0 billion, respectively.
The Bank's loan portfolio before provisions for impairment increased by 9% in comparison with the beginning of 2014 and reached RUB 356.6 bln as at the reporting date, of which RUB 242.7 bln were loans to legal entities and RUB 113.9 bln were loans to individuals.
The Bank's total assets reached RUB 473.1 bln as of July 1, 2014, 78% of which are loans to customers, and 13%, investments in securities. According to the ranking "INTERFAX-100. Banks of Russia. Key performance indicators for the 2nd quarter of 2014", CREDIT BANK OF MOSCOW is in the 14th position in terms of total assets.The Banks' capital adequacy ratios as at July 1, 2014 remained at a comfortable level as follows: N1.1 — 7.00%, N1.2 — 7.00%, N1.0 — 11.71% with the Bank's equity amounting to RUB 63.6 bln.
The Bank's branch network in Moscow and the Moscow region consists of 61 branches and 30 stand-alone cash desks. CREDIT BANK OF MOSCOW's payment terminal network includes 766 ATM's and more than 5,500 payment terminals.