PRIME-TASS. Moy Bank. Novosibirsk, part of banking group Moy Bank, reported an 11.7-fold slide in its after-tax profit y-
The lending institution’s equity capital grew 3.6% to Rub 114.13 mln and grand total jumped by 24.4% to Rub 1.01 bln. The lender’s assets dropped 7.6% to Rub 729.71 mln, earning assets climbed by 21.2% to Rub 637.6 mln and net debt increased by 15.2% to Rub 595.35 mln.
Funds raised (credits, deposits, client accounts, etc.) dropped 9% to Rub 611.6 mln. Funds of lending institutions surged 75.4% to Rub 300.47 mln, funds belonging to clients (non-lending institutions) decreased 32.9% to Rub 305.38 mln, private deposits fell Rub 18.6% to Rub 152.30 mln and debt obligations issued dove 9.6x to Rub 4.79 mln.
As of January 1, 2009 household funds accounted for 46.2% of total funds raised (excluding the head bank’s inter-bank loans) compared to 35.5% a year ago. As the bank pointed out, the opposite trend is seen in the structure of the credit portfolio: compared to January 1, 2008 the weight of household loans in the aggregate credit portfolio dropped from 58% (Rub 305.6 mln) to 44% (Rub 283.1 mln), while the corporate credit portfolio climbed by 60% or Rub 138.8 mln, reaching 56% of the portfolio.
As the lending institution’s representatives pointed out, in connection with the current economic environment the bank experienced a rise in bad debts. This resulted in a sharp increase in reserves the amount of which, according to the bank’s balance sheet, totaled Rub 42.3 mln as of January 1, 2009: Rub 32.6 mln was put aside for corporate loans (up Rub 27.9 mln y-o-y) and Rub 9.7 mln was reserved under household loans (Rub 5.2 mln). Non-performing loans granted to legal entities and individual entrepreneurs amounted to Rub 10 mln as of January 1, 2009, and credits overdue by households amounted Rub 2.2 mln which makes in the aggregate 1.9% of the credit portfolio.
Under the balance sheet compiled as of January 1, 2009 the bank’s capital adequacy ratio came in at 15.2% (11% is the minimal requirement) and the current liquidity ratio equaled 95.1% (no less than 50% is required by law).
The bank was incorporated in April 1994 and its previous corporate name is Sibirskoye Soglasie. In 2006 it became part of investment financial group Moy Bank. The lender’s charter capital is equal to Rub 27.37 mln. Its major shareholders are Gleb Fetisov, Moy Bank and Elsib.
