MTS Bank sees negative OIBDA jump to $20.1 mln in Q2
MOSCOW. Aug 30 (Interfax) - MTS Bank saw its negative OIBDA triple in the second quarter of 2013 to $20.1 million from $6.6 million, AFK Sistema , which owns and manages the MTS Bank investment portfolio, said in a press release.
The bank boosted revenue 19.3% to $202.9 million in the second quarter from $170.1 million.
Operating losses increased 120% to $24.9 million from $11.4 million.
The negative OIBDA was largely due to an increase in provisions as a result of loan portfolio expansion, along with acknowledgement of losses from the revaluation and sale of debt instruments, Sistema said. MTS Bank management plans in the second half to compensate the losses by expanding retail portfolio revenue.
The bank's loan portfolio, excluding leasing, expanded 14.7% year-on-year in the second quarter to $6.44 billion. Retail loans grew 13.1%. Interest revenue from operations with retail and corporate customers amounted to $171 million, up 25.6% in the year and 2.6% on the previous quarter.
MTS Bank was ranked number 37 for asset value, 35 for retail deposits and 28 for retail loans in the Interfax-100 review of Russia's banks for the first half of 2013.
