CREDIT BANK OF MOSCOW reports its RAS results for 3Q2015
CREDIT BANK OF MOSCOW has reported its results for the three quarters of 2015 in accordance with Russian Accounting Standards (RAS).
The Bank's net income for the 9 months of 2015 amounted to RUB 166 mln (9M2014: RUB 5.8 bln). This drop was mainly due to the high cost of funding (interest expense grew by 88% yoy to RUB 43.4 bln), and an increase in provisions (they grew by 69% yoy to RUB 14.3 bln), which is in line with current trends in the banking sector.
The Bank's total assets rose by 74% ytd and as of 1 October 2015 reached RUB 995.9 bln, of which 81% represent net loans to customers and 13% — investments in securities. CREDIT BANK OF MOSCOW ranks 12th by total assets among Russian banks (Interfax-100) and is one of the 5 largest privately-owned banks as at 3Q2015.
The Bank's loan portfolio before impairment provisions expanded by 58% ytd and stood at RUB 622.8 bln as at the reporting date, of which RUB 499.3 bln are attributable to the corporate loan portfolio (+86%) and RUB 123.5 bln to the retail loan portfolio (-2%).
Customer deposits increased by 77% to RUB 721.8 bln ytd, mainly due to a 119% expansion of corporate deposits that grew to RUB 534.9 bln. Retail deposits grew by a more moderate 15% in the reporting period up to 186.9 RUB bln.
The Bank’s equity as of 1 October 2015 was RUB 112.7 bln, a 39% growth ytd. Capital adequacy ratios calculated in accordance with Basel 3 (395-P) as of 1 October 2015 remained at comfortable levels: N1.1 — 7.97%, N1.2 — 7.97%, N1.0 — 14.66%.
The Bank's branch network consists of 57 offices and 21 stand-alone cash desks in and around Moscow. Its network of payment banking devices counts 887 ATMs and over 5,220 payment terminals.