UniCredit Russia ups net profit to IFRS 4% to 9.5 bln rubles in H1
MOSCOW. Aug 6 (Interfax) - The Russian subsidiary of UniCredit Bank increased net profit to International Financial Reporting Standards (IFRS) 4% year-on-year to 9.49 billion rubles in H1 2014, the bank said in a statement.
The bank's net profit for Q2 increased nearly 18% year-on-year to 5.12 billion rubles.
The bank UniCredit continued to achieve good financial results, despite the difficult macroeconomic situation, the statement cited Bank Chairman Mikhail Alexeyev as saying.
The bank's profit was driven by 17.7% year-on-year growth in net interest income, which amounted to 16.3 billion rubles. Net commission income increased 29.7% year-on-year to 3.4 billion rubles.
UniCredit Bank's loan portfolio before provisions rose 13.4% to 641.1 billion rubles during H1 2014. The retail loan portfolio, including small and medium-sized enterprises, increased 10.3% in January-June to 166.1 billion rubles. Corporate loans, including REPO transactions, increased 14.5% to 475 billion rubles.
The NPL ratio fell to 3.69%, from 4.2% at the end of 2013.
Corporate and retail deposits fell 1.4% in H1 2014 to 522.2 billion rubles. Corporate deposits fell 1.6% in January-June to 411.3 billion rubles. Retail deposits fell only slightly from 111.8 billion rubles at the beginning of the year to 110.9 billion rubles.
UniCredit Bank's capital increased 6.4% in H1 to 140.53 billion rubles.
Unicredit Bank was the 10th biggest Russian bank by assets as of the end of the first half of 2014 according to the Interfax-100 ranking compiled by the Center for Economic Analysis.
