29 April 2013
Bank Vozrozhdenie published Q1 2013 results under Russian Accounting Standards. Net profit for Q1 2013 comprised Rub 195 mln. Operating income before provisions increased by Rub 150 mln and came in at Rub 3.4 bln by April 1, 2013.
By the reporting date the bank’s assets reached Rub 207.7 bln, 15% up from the result of the previous year. Lending to individuals developed most rapidly: retail portfolio increased 20.3% to Rub 27.4 bln (taking into account loan portfolio securitized within the two securitization deals, retail lending totaled Rub 34.2 bln, 29.5% from the level of comparable period of 2012).
Corporate portfolio advanced 11.9% to Rub 130.5 bln comparing to Rub 116.7 bln for the same period of 2012.
Client funds totaled Rub 169.5 bln as of April 1, 2013 (up 16.4% compared to the previous year) mainly driven by inflow of retail client funds, remaining the key funding source for the bank with the share of 54% in total liabilities as of March 31, 2013.
In Q1 2013 capital of the bank reached Rub 24.3 bln increased 20.9% in comparison with the same period of 2012 mostly driven by capitalization of profit and subordination loan raised in amount of Rub 3.0 bln. Growth of capital resulted in capital adequacy ratio improvement up to 12.3%.
In accordance with the CBR requirements and the bank’s risk management policy, the bank charges provisions on possible impairment of assets. Thus, in Q1 2013 total provisions added up Rub 1.19 bln, 19.2% up from the result of the previous year.
Please notice that the consolidated statements for Q1 2013 prepared under IFRS are to be published on May 23, 2013.