Key financial results

Income statement

Interest income, RUB bln

Interest income grew by 6.8% y-o-y to RUB 147.4 bln, mainly driven by accounts and deposits with other financial institutions and CBR.

Net fee and commission income, RUB bln

Net fee income declined by 6.6% y-o-y to RUB 11.5 bln, partly due to lower fees from settlements and bank transfers.

Net income, RUB bln

Net income declined by 56.1% y-o-y to RUB 12.0 bln, largely due to technical revaluation of the perpetual subordinated Eurobonds and weaker net interest income.

Balance sheet

Assets, RUB bln

Total assets rose by 12.9% y-o-y to RUB 2,423.5 bln.

Loan Portfolio (gross), RUB bln

Gross loan portfolio expanded by 12.0% y-o-y to RUB 829.2 bln.

Deposits by Customers, RUB bln

Customer deposits expanded by 5.3% y-o-y to RUB 1,339.5 bln.

Key financial ratios

NIM, %

Net interest margin (NIM) was 2.2% as interest expense rose by 14.0% y-o-y.

ROE, %

Return on equity (ROE) decreased to 7.8%ROAE disregards the RUB 37.9 bln perpetual subordinated debt, partly due to a technical revaluation of the FX-nominated perpetual subordinated Eurobonds, which reflected the rouble exchange rate’s continuing growth in 4Q2019.

COR, %

Cost of risk (COR) was 1.0% as at end-2019, implying that the loan portfolio quality remained high.