Otkritie FC Bank boosts IFRS net profit by 12% to 6.6 bln rubles
MOSCOW. April 6 (Interfax) - Otkritie FC Bank Group posted net profit to International Financial Reporting Standards (IFRS) of 6.614 billion rubles in 2015 against 5.882 billion rubles a year earlier, the bank said in a statement.
The group includes Otkritie Financial Corporation and Khanty Mansiysk Otkritie Bank .
"Net interest income in 2015 amounted to 49.9 billion rubles (the decline compared to 2014 result occurred in line with higher funding costs during 2015)," the statement said.
"Net fee and commission income in 2015 declined by 11.6% compared to 2014 result to 11.7 billion rubles," the bank said..
"In 2015, the Group earned 36.2 billion rubles of trading income. The significant part of trading income from operations with securities was attributable to the positive mark-to-market revaluation of the fixed income securities portfolio in 2015," Otkritie FC Bank said.
"The key driver of the Group's revenue growth in 2015 was a significant increase of non-interest income (revaluation gain, including mark-to-market revaluation of the trading securities portfolio)," the statement said.
Return on average equity rose to 7.7% in 2015 against 6.2% a year earlier.
Total operating revenue, without account of provisions for the impairment of assets, rose 48.1% to 99.4 billion rubles.
"The Cost-Income Ratio (operating expenses to operating income before provision for impairment) declined to 44.4% for 2015 (54.8% in 2014)," the statement said.
Net interest margin was 3.8% in 2015 against 4.5% in 2014.
"In 2015, the Group's total assets increased by 29.6% and reached 3.364 trillion rubles as at December 31, 2015 (12.0% growth excluding foreign currency revaluation)," the bank said.
"The Group's net loan portfolio increased by 43.8% as at December 31, 2015 (23.2% growth excluding foreign currency revaluation) and reached 2.566 trillion rubles or 76.3% of the Group's total assets as at December 31, 2015 (1.785 trillion or 68.8% as at December 31, 2014)," it said. The bank's corporate portfolio rose to 861.9 billion rubles from 834.2 billion rubles a year earlier, the retail portfolio fell to 201.4 billion rubles from 208.8 billion rubles. Loans provided according to return repo agreements more than doubled to 1.594 trillion rubles.
"The loan loss provision (LLP) ratio stood at 3.4% as at December 31, 2015 (2.2% as at December 31, 2014). Cost of risk ratio amounted to 4.0% in 2015 (2.4% for 2014)," the statement said.
"Investments in securities amounted to 421.6 billion rubles or 12.5% of the Group's total assets as at December 31, 2015 (333.8 billion rubles or 12.9% as at December 31, 2014)," the bank said.
"The Group's customer accounts totaled 1.256 trillion rubles as at December 31, 2015, a 22.8% increase compared with December 31, 2014 (15.1% growth excluding foreign currency revaluation). The share of term deposits and current accounts as a proportion of the total amount of customer funds stood at 82.3% and 17.7%, respectively," Otkritie FC Bank said.
"The funds of corporate customers made up 43.2% of customer funds as at December 31, 2015, while the share of retail and small business segment amounted to 43.5% of customer accounts," the statement said.
"Total capital adequacy ratio stood at 15.7% as at December 31, 2015," the bank said.
Otkritie FC Bank in 2015 was Russia's 4th largest bank by assets, according to the Interfax-100 ranking.