MTS Bank lowers operating losses to IFRS by 5% to $38.4 mln in H1
MOSCOW. Aug 28 (Interfax) - MTS Bank posted operating losses to International Financial Reporting Standards (IFRS) of $38.4 million in H1 2014 against $40.5 million a year earlier, AFK Sistema , which is the majority shareholder of MTS Bank, said in a financial report.
In Q2 2014, operating losses of the bank stood at $15.8 million against $24.9 million for Q2 2013.
The bank's revenue in H1 2014 fell 2% to $400.8 million from $409.5 million a year earlier. In Q2, revenue rose by 2.5% to $202.8 million.
In H1, there was negative operating income before depreciation and amortization (OIBDA) of $28.9 million against negative OIBDA of $30.7 million a year earlier. In Q2, this figure was negative $10.9 million against negative $20 million in Q2 2013.
The bank's net losses attributable to AFK Sistema amounted to $21.7 million in H1 against $28 million a year earlier. In Q2, these losses were $6.5 million against $14 million a year before. Total net losses of the bank to IFRS were not disclosed in the report.
"MTS Bank's interest income increased by 6.7% year-on-year and by 5.6% quarter-on-quarter to $182 million. In the reporting quarter, MTS Bank's gross loan portfolio remained stable quarter-on-quarter," AFK said in its report.
AFK Sistema's report said: "Deposits from customers in the banking segment of the Group decreased by $413.8 million compared to the growth of $683 million in the corresponding period of 2013." Absolute numbers were not given.
As of February 2014, 65.25% of MTS Bank's shares belonged to AFK Sistema and about another 25.1% to Mobile Telesystems B.V., a member of the group.
In H1 2014, MTS Bank was Russia's 40th largest bank by assets according to the Interfax-100 ranking.
