Bank Vozrozhdenie announced audited RAS results for 2014

19 March 2015

Vozrozhdenie Bank has published audited RAS results for 2014.

As of January 1, 2015, the bank’s assets totaled RUB 226 billion, 9.5% up from the prior-year period. Net loan indebtedness accounted for 69.9% in the assets’ structure, 3.7 pps lower than a year ago. Gross loans remained almost unchanged compared to the end of 2013 at the level of RUB 175.4 billion. Marginal contraction of the corporate loan portfolio to RUB 128.7 billion (-2.7% for the year) amid uncertain macroeconomic environment was offset by growth of retail loans, including securitized mortgages, to RUB 46.7 billion (+8.5% for the year).

Customer funds, key funding source, amounted to RUB 177.6 billion, up 7.4% compared to the level of 2013 year-end. Major growth derived from retail deposits that surged by 20.6% for the year to RUB 104.3 billion owing to inflow of new funds and foreign currency repricing. It fully mitigated contraction of corporate client funds by 8.6% to RUB 54 billion.

Equity grew to RUB 24.1 billion due to profit capitalization.

Operating income before provisions remained at the level of 2013 and totaled RUB 15.4 billion. Enhanced interest income in the environment of growing rates and weaker dynamics of fees and commissions resulted in the change of revenues composition: share of net interest income improved from 62.2% to 66.3%, while the share of net fee income dropped from 32.1% to 28.1%.

In 2014, the bank recorded 51.2% growth of net profit to RUB 2.1 billion. The increase was mainly attributable to accounting of deferred tax asset in the amount of RUB 1.3 billion.

Please note that the IFRS consolidated financial statements of Vozrozhdenie Bank for FY 2014 will be published on March 25, 2015.

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