CREDIT BANK OF MOSCOW announces its RAS financials for 1Q2016
CREDIT BANK OF MOSCOW has reported its results for 1Q2016 in accordance with Russian Accounting Standards (RAS).
The Bank's net income for the 3 months of 2016 amounted to RUB 509 mln. Interest income rose by 51.9% to RUB 28.2 bln. As the interest expense grew by just 35.4%, RUB 9.8 bln of net interest income (before provisions) was generated. Provisions for loans impairment grew by 15.3% yoy to RUB 6.9 bln as a result of the loan portfolio growth and the Bank's conservative approach to provisioning in the unfavourable macroeconomic environment.
The net fee income for 1Q2016 amounted to RUB 1.8 bln which is 14.2% more than one year ago. Operating income (before provisions) increased by 41.5% to RUB 11.8 bln.
The Bank's total assets as of 1 April 2016 reached RUB 1,348.2 bln, a 13.4% growth ytd. CREDIT BANK OF MOSCOW is ranked 11th by total assets among Russian banks (Banki.ru) and is one of the 5 largest privately-owned banks.
The Bank's gross loan portfolio expanded by 13.5% and reached RUB 964.5 bln, of which RUB 846.7 bln are attributable to corporate loans and RUB 117.8 bln to retail loans.
The Bank's total liabilities grew by 14.5% ytd mainly due to expansion of interbank and corporate deposits. Corporate deposits increased by 4.4% to RUB 823.8 bln, retail deposits rose by 0.85% to RUB 199.8 bln. Deposits by credit institutions amounted to RUB 170.2 bln.
Total capital calculated in accordance with Basel III standards as of 1 April 2016 was RUB 147.5 bln, minus 4.5% ytd. Capital adequacy ratios were as follows: N1.1 — 7.5%, N1.2 — 7.5%, N1.0 — 14.0%.
The Bank’s branch network consists of 65 offices and 21 stand-alone cash desks in and around Moscow. Its network of payment banking devices counts 946 ATMs and over 5,400 payment terminals.