Promsvyazbank swings to loss of 2.1 bln rubles in Q1
MOSCOW. June 11 (Interfax) - Promsvyazbank posted a net loss of 2.1 billion rubles in the first quarter of 2014 compared with a net profit of 2.2 billion rubles in the same period last year, the bank said in its IFRS earnings report.
Net interest income rose 20.2% in the three months year-on-year to 8.1 billion rubles, up from 6.8 billion rubles in Q1 2013.
The net interest margin widened 20 basis points to 4.7%. Net commission income increased 34.8% to 3.2 billion rubles.
Assets totaled 777 billion rubles as of March 31, 2014, 5.1% more than at the beginning of the year. The loan portfolio grew 9.1% to 595 billion rubles. Non-performing loans increased to 4% of the total portfolio at the end of the quarter, up from 3.6% at the end of 2013.
Shareholder equity declined 3.1% to 64 billion rubles.
Total capital adequacy was 13.1% as of March 31, down from 14.4% at the end of 2013. Tier 1 capital adequacy declined 90 b.p. to 8.5% at the end of the period.