CREDIT BANK OF MOSCOW reports its preliminary RAS results for 2014


CREDIT BANK OF MOSCOW has reported its preliminary operating results for 2014 in accordance with Russian Accounting Standards (without events subsequent).

The Bank's net income rose by 46.3% yoy and amounted to RUB 6.2 bln (RUB 4.3 bln in 2013). The significant growth of net income was driven by interest income increasing by 37.4% to RUB 56.8 bln, and fee and commission income by 35.2% to RUB 8.5 bln.

The Bank's total assets reached RUB 571.2 bln as of January 1, 2015, which is RUB 125.4 bln or 28.1% more than in 2013. CREDIT BANK OF MOSCOW is ranked 15th by total assets among Russian banks ( and 4th among largest privately-owned banking groups without foreign capital.

The Bank's loan portfolio before impairment provisions expanded by 20.5% and stood at RUB 394.8 bln. The corporate loan portfolio grew by 16.8% yoy to RUB 268.6 bln. The retail loan portfolio reached RUB 126.2 bln, a 29.2% growth compared to 2013.

The Bank's total liabilities grew 29.9% in 2014 and reached RUB 527.4 bln as of the reporting date. Corporate account balances rose by 34.8% to RUB 244.4 bln and retail account balances by 21.9% to RUB 162.3 bln.

As of the year-end 2014, the Bank's outstanding domestic bonds totalled RUB 49 bln. In 2014 the Bank placed two RUB 5 bln exchange-traded bond issues series BO-10 and BO-11, and additional exchange-traded bond issues series BO-07 and BO-11 for a total of RUB 12 bln. In addition to its local bond issues, the Bank placed a RUB 5 bln subordinated Eurobond issue in November 2014 via its SPV — CBOM Finance p.l.c.

The Banks' capital adequacy ratios as of January 1, 2015 remained at comfortable levels: N1.1 — 7.6%, N1.2 — 7.6%, N1.0 — 14.2%, with its equity standing at RUB 80.9 bln. The high level of net income in 2014 and 2 subordinated loans raised in 4Q2014 (a RUB 5 bln subordinated loan from ROSSIUM Concern, the Bank's major shareholder, and the above mentioned RUB 5 bln subordinated Eurobonds) strengthened the Bank's total capital.

The Bank's branch network consisted of 58 offices and 31 stand-alone cash desks in Moscow and the Moscow region as of January 1, 2015. It had around 6,000 payment terminals, and the number of its ATMs exceeded 840 in 2014.

The Bank remains one of the leaders in the cash collection segment. As of the end of 2014 it had around 800 customers, of which 43 were credit institutions. The number of cash collection points exceeded 11,300, and the number of cash collection routes reached 185.