Rosbank swings to 1.4 bln ruble net profit in Q1 from loss year earlier
MOSCOW. May 5 (Interfax) - Rosbank posted a net profit of 1.35 billion rubles to International Financial Reporting Standards (IFRS) in Q1 2017 up from a 567 million rubles net loss in January-March 2016, the bank said in a report.
The bank's consolidated report includes the results of subsidiary banks DeltaCredit and Rusfinance Bank.
Net interest income totaled 8.39 billion rubles in Q1, a 55% increase on the previous year. Provisions for impairment of interest-earning assets were lowered in Q1. Provisions are down 82% to 850 million rubles from 4.67 million rubles in Q1 2016.
The bank's loan portfolio was virtually unchanged at 587.06 billion rubles on March 31 while assets fell from 880.7 billion rubles to 859.3 billion rubles. Deposits by Rosbank clients grew 1.5% to 468.95 billion rubles. Equity capital increased from 123.56 billion rubles to 125.017 billion rubles.
Rosbank was the 15th biggest Russian bank by assets as of the end of Q1 2017, DeltaCredit - 45th and Rusfinance Bank - 64th according to the Interfax-100 ranking compiled by the Center for Economic Analysis.
