Credit Bank of Moscow boosts IFRS net profit 2.7-fold to 4.6 bln rubles in Q1
MOSCOW. May 22 (Interfax) - Credit Bank of Moscow (CBM) posted 4.59 billion rubles of net profit to International Financial Reporting Standards (IFRS) in Q1 2017, up 2.7-fold compared to the same period in 2016, the bank said in a report.
Provisions for loan impairment declined by 33% to 4.82 billion rubles. Net interest income grew 14% to 10.4 billion rubles. Net commission income rose 48% to 3.8 billion rubles.
Total assets declined by 5.1% to 1.489 trillion rubles.
The bank's corporate loan portfolio grew 3.7% to 587.1 billion rubles in Q1. The retail portfolio declined 3.4% to 97.2 billion rubles.
The total loan portfolio before provisions increased 2.6% to 684.3 billion rubles during the period, with the share of overdue loans declining to 1.9% from 2.3%. Client deposits grew 10.3% to 760.5 billion rubles.
Total capital grew 18.5% to 189.3 billion rubles in Q1. The bank said that capital grew in the quarter as a result of a $600 million placement of subordinated Eurobonds in April.
Credit Bank of Moscow was the 9th largest bank in Russia by asset size at the end of Q1 2017, according to the Interfax-100 ranking prepared by the Interfax Center for Economic Analysis.