Bank Yugra has announced its audited financial numbers for 2014 under the International Financial Reporting Standards (IFRS).
The financial statement shows that the bank's net profit exceeded Rub 1.74 bln. A year ago, as the financial statement shows, the bank's financial result was negative, with IFRS losses of nearly Rub 4 bln.
The primary reason for the bank's FY14 financial performance was an increase in interest and operating income, the bank noted in a press release.
Net interest income more than tripled to Rub 6.11 bln on the back of higher interest income from a jump in interest-generating assets, above all, loans.
The bank's net commission income soared over 50% to Rub 230 mln. One of the bank's primary income drivers were income derived from cash settlement services provided to households and businesses.
The lender's operating income came to Rub 5.24 bln.
As of December 31, 2014 the bank's aggregate assets tripled to Rub 154.76 bln. The main source of growth was expansion of the credit portfolio, of balances held on correspondent accounts at correspondent banks.
The bank's equity rose to Rub 12.11 bln in 2014. Net profit for the reporting period was a primary driver.