CREDIT BANK OF MOSCOW reports its RAS results for 1Q2015
CREDIT BANK OF MOSCOW has reported its results for 1Q2015 in accordance with Russian Accounting Standards (RAS).
The Bank's total assets reached RUB 568.1 bln as of April 1, 2015, of which 78.2% represent loans to customers and 14.2% investments in securities. CREDIT BANK OF MOSCOW is ranked 15th by total assets among Russian banks (Banki.ru) and is one of the 5 largest privately-owned banks.
The Bank's loan portfolio before impairment provisions expanded by 2.8% and stood at RUB 405.8 bln, of which RUB 279.8 bln are attributable to corporate loans and RUB 126.0 bln to retail loans.
The Bank’s equity as of 1 April 2015 was RUB 80.8 bln, the same as at 2014YE. Capital adequacy ratios calculated in accordance with Basel 3 (395-P) were as follows: N1.1 – 8.49%, N1.2 – 8.49%, N1.0 – 14.1%.
In 1Q2015, the Bank earned RUB 67 mln of net income (1Q2014: RUB 3.4 bln). This drop was mainly due to the increase in provisions to RUB 6.0 bln resulting from the Bank’s conservative approach to loan loss provisioning in the prevailing market conditions.
The net interest income earned in the first quarter of 2015 matched the level of the same period of 2014, i.e. RUB 4.9 bln, attesting to the consistently high profitability of the loan portfolio. Net fee and commission income increased by 31.7% and reached RUB 1.6 bln.
The Bank’s branch network consisted of 56 offices and 25 stand-alone cash desks in Moscow and the Moscow Region as of April 1, 2015. CREDIT BANK OF MOSCOW had 5,480 payment terminals and over 800 ATMs.