B&N Bank’s aggregate assets under IFRS totaled Rub 250 bln in the first half of 2014, rising 15% YTD. The bank disclosed these data of its interim consolidated financial statement in a press release.
The bank’s credit portfolio expanded 17% to Rub 159.8 bln, with corporate loans being the primary driver as they jumped 18% to Rub 139.5 bln. During the first half of the year the retail credit portfolio rose 15% to Rub 20.3 bln (net of loan loss provisions). Retail lending grew mainly because the bank expanded its consumer lending programs, the bank specified. 90+ day NPLs account for 4.6% of the bank’s aggregate credit portfolio.
The securities portfolio climbed 22% to Rub 15.5 bln.
As of June 30, 2014 the bank’s aggregate liabilities reached Rub 24.2 bln (up 13% YTD), while funds of retail clients jumped 23.7% to Rub 131.2 bln. Banks’ money held at the bank came to Rub 12.4 bln, while issued debt securities amounted to Rub 14.9 bln.
The lender’s tier 1 capital climbed 42% to Rub 25.8 bln on the back of cash injections and current profit. The bank’s tier 1 capital adequacy ratio under the Basel II standards equaled 10.4% (the tier 2 capital ratio is 13.5%).
During the first six months of 2014 the bank’s interest income amounted to Rub 10.8 bln, up 29% on the year. Net interest income (before provisions) totaled Rub 3.3 bln (a surge of 27%). Net non-interest income increased to Rub 5.3 bln (up 133%). “Robust growth was driven by higher profit from currency operations and commission income," B&N Bank pointed out.
The lender’s semiannual financial result is Rub 1.1 bln. As the bank’s financial statement showed, this is 8 times higher than net profit earned in January — June 2013.
The group’s ROA equaled 0.95% (vs. 0.39% as of year-end 2013) and ROE was 10.3% (compared to 4.91%).
The bank also pointed out that regulator-set liquidity ratios are met with substantial leeway, with № 2 (instant liquidity) equaling 138.84% against the Bank of Russia’s threshold of at least 15%, № 3 (current liquidity) of 150.26% compared to the requirement of at least 50% and № 4 (long-term liquidity) equal to 59.57% vs. the required ratio of 120% as largest.
Apart from B&N Bank’s indicators, the 1H IFRS consolidated financial statement comprises those of Standard Development LLC, closed-end mutual fund FINAM — Capital Investment and Cyprus-based B&N Finance Limited, the financial statement runs.
Since July B&N Bank Group has also comprised Moscomprivatbank (which currently operates as B&N Bank Credit Cards).
