Post Bank boosts loan portfolio 3% to 119.7 bln rubles in Q1
MOSCOW. May 22 (Interfax) - Post Bank boosted its loan portfolio 3% to 119.7 billion rubles in Q1 2017, the bank said in a press release following a meeting of its supervisory board.
Client deposits increased 30% to 47.6 billion rubles. The amount of bank branches increased by 28% to 8,061 branches.
"We are completely satisfied with the pace of development of our banking project. If last year payments from Russia Post banks totaled 750 million rubles, then in the first quarter alone of this year, they totaled over half a billion," Russian Post CEO Dmitry Strashnov was quoted as saying in the press release. The CEO said that the funds would be allocated toward modernizing the bank's network and increasing salaries.
According to a report on the Central Bank's website, Post Bank posted 1.6 billion rubles in net profit to Russian Accounting Standards (RAS) in Q1 2017, up from 106 million rubles a year before.
Post Bank is a subsidiary of state banking group VTB and was the 50th 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.
