Operating profit that SMP Bank Group earned in January-September 2016 declined by 59.6% to Rub 18.2 bln compared to the same indicator a year ago (Rub 45.1 bln). The lending institution released these numbers in its IFRS consolidated financial statement.
"A big portion of a formal contraction in operating profit was related to a drop in one-off income derived from the initial recognition and restructuring of the money provided by the Deposit Insurance Agency against the year-earlier period from Rub 40.3 bln to Rub 7 bln," the bank specified in a press release.
Meanwhile, the group reported substantial growth of net interest income (from Rub 1.2 bln to Rub 7.8 bln) and net interest margin (from 0.5% to 2%).
SMP Bank Group's total credit portfolio expanded 7.1% in January-September 2016 on the back of big corporate customers to Rub 256.6 bln from Rub 239.7 bln at the beginning of the reporting period. Lending of big enterprises rose 15.1% to Rub 212.8 bln against Rub 184.8 bln in early 2016.
The share of NPLs in the credit portfolio decreased from 5.51% to 4.16%.
In January-September 2016, SMP Bank Group's accounts and deposit accounts jumped 11% from Rub 253.3 bln to Rub 281.2 bln mainly following an increase in term retail deposits.
SMP Bank Group's equity climbed from Rub 6.2 bln to Rub 30.9 bln. The bank attributes capital growth to several stages of shareholders' capital injections via additional share issues.