29 Jan 2018 18:35

Credit Bank of Moscow boosts RAS earnings 5-fold, assets and deposits one-third in 2017

MOSCOW. Jan 29 (Interfax) - Credit Bank of Moscow (CBM) boosted net profit to Russian Accounting Standards (RAS) before events following the reporting period five-fold in 2017 to 13.9 billion rubles, from 2.7 billion rubles in 2016.

The bank said in a statement that its assets grew 32.4% or 447.4 billion rubles during the year to 1.83 trillion rubles.

Gross loans grew 44.1% to 1.596 trillion rubles, with the bulk of them - 94% - issued to corporate borrowers, up 49.4%.

Customer deposits rose 33.6% to 1.032 trillion rubles, driven by corporate deposits, which rose 41.1% to 751.3 billion rubles, while retail deposits rose 17.1% to 285 billion rubles.

CBM's biggest shareholder is Concern Rossium with 55.655. Roman Avdeyev owns 50.1% of CBM via Rossium. Nikolai Katorzhnov, who oversaw the Otkritie group's investment division until 2016, owns 5.6% of CBM via Rossium.

CBM was Russia's ninth largest bank by assets at the end of Q3 2017, according to the Interfax-100 ranking prepared by the Interfax Center for Economic Analysis.