CREDIT BANK OF MOSCOW announces its RAS financials for 1H2015


CREDIT BANK OF MOSCOW has reported its results for 1H2015 in accordance with Russian Accounting Standards (RAS).

In the 6 months of 2015 the Bank earned RUB 2.6 bln of net income (1H2014: RUB 5.6 bln). This drop of net income was mainly due to the increase in loss provisions from RUB 3.6 bln in 1H2014 to RUB 9.6 bln in 1H2015 resulting from the current economic situation and the Bank's conservative approach to provisioning.

The net interest income earned in the first half of 2015 grew by 8% y-o-y and amounted to RUB 11.4 bln. The net fee income for the 6 months of 2015 stood at RUB 3.5 bln which is 17.4% more than one year ago.

The Bank's total assets grew by 33% ytd and as of 1 July 2015 reached RUB 760.8 bln, of which 79% represent net loans to customers and 13% investments in securities. CREDIT BANK OF MOSCOW holds the 14th position by total assets in the ranking "INTERFAX-100. Banks of Russia. Key performance indicators for 2Q2015".

The Bank’s loan portfolio before impairment provisions expanded by 36% ytd and as at the reporting date stood at RUB 536.0 bln, of which RUB 408.9 bln or 76% are attributable to the corporate loan portfolio and RUB 127.1 bln or 24% to the retail loan portfolio.

The Bank's equity increased in 1H2015 by 25% to RUB 101.4 bln mainly as a result of inclusion in its additional capital of the Deposit Insurance Agency's subordinated loan raised in June. Capital adequacy ratios calculated in accordance with Basel 3 (395-P) were as follows: N1.1 — 8.02%, N1.2 — 8.02%, N1.0 — 16.42%.

The Bank's branch network consisted of 55 offices and 25 stand-alone cash desks in Moscow and the Moscow region as of 1 July 2015. Its network of payment banking devices counts 784 ATMs and over 4.700 payment terminals.