Nomos Bank IFRS net profit grows 24% to 15 bln rubles in 2012
MOSCOW. March 28 (Interfax) - Nomos Bank increased net profit to International Financial Reporting Standards by 24% to 15 billion rubles in 2012 from 12.1 billion rubles in the previous year, the Russian lender said in a statement posted on the London Stock Exchange.
Profit attributable to the bank's principal shareholders grew 25.7% to 12.6 billion rubles.
The bank's return on adjusted equity edged up to 18.3% in 2012 from 18.2% in 2011, while return on assets remained unchanged at 2%.
Operating income before provisions grew 21.5% to 44.7 billion rubles in 2012, while operating costs rose 23.9% to 21.4 billion rubles. The cost to income ratio rose to 47.8% in 2012 from 47.0% the previous year.
Net interest income increased by 11.9% to 31.4 billion rubles, though the net interest margin dropped to 4.9%. Net fees and commissions grew 29.6% to 7.9 billion rubles.
Net commission income from settlement operations amounted to 3.1 billion rubles, while commission income from documentary operations was 2.3 billion rubles and cash operations - 1.1 billion rubles. Net commission income in the retail segment rose 44% to 3.2 billion rubles.
The bank's net trading income jumped 37.8% to 3.3 billion rubles in 2012.
Net income from securities trading increased to 1.9 billion rubles from 0.7 billion rubles in 2011.
Nomos Bank's assets grew 35.9% in 2012 to 899.9 billion rubles.
The net loan portfolio expanded by 31.9% to 590.6 billion rubles in 2012, as the corporate portfolio grew 31.5% to 422 billion rubles and the retail portfolio surged 55.1% to 90.1 billion rubles. Loans to small and medium businesses grew 30.1% to 38.9 billion rubles.
The share of nonperforming loans was less than 2.0% and loan loss provisions amounted to 3.6%. Provision coverage of NPLs amounted to 183.0%.
Customer accounts grew 23.3% to 471.7 billion rubles as of December 31, 2012. The share of demand deposits amounted to 22.4% of the total, or 105.8 billion rubles.
The ratio of loans to deposits was 125.2% as of year-end.
Nomos Bank's capital adequacy ratio was 16.3% as of December 31, 2012, up slightly from 16.2% a year earlier. The Tier 1 CAR was 10.8%, down from 12.0%.
Bank capital calculated under Basel Committee Recommendations rose 34.8% to 133.8 billion rubles.
