SMP Bank increases total IFRS comprehensive income by 400% to 2.4 bln rubles in 2011
MOSCOW. May 14 (Interfax) - SMP Bank (North Sea Route Bank) increased its total comprehensive income (net profit plus miscellaneous total profit after subtracting taxes) according to international financial reporting standards (IFRS) by 400% to 2.4216 billion rubles in 2011, the bank said in a press release.
The increase in profit was driven by rising commission revenue, revenue from operations with forex and an increase in the fair value of the bank's main assets, the bank said in its balance sheet.
The bank's assets went up 49% to 114.82 billion rubles for the year.
SMP Bank's loan portfolio (including bank loans) expanded by 65% to 56.203 billion rubles. The growth was driven by brining in new major corporate clients, development of new products for current clients. Provisions on loans prior to their subtraction decreased for the year from 8.7% to 5.1%. Total loans provided to individual clients increased by 31.8% to 2.7995 billion rubles.
The bank's equity increased by 40% to 10.3179 billion rubles in 2011. Charter capital in June 2011 was expanded by 500 million rubles. At the end of the year, SMP Bank received an injection from shareholders, which was reflected in the IFRS results as a paid capital addition worth 177.2 million after taxes (44.3 million rubles).
SMP Bank's portfolio of securities came to 29.697 billion rubles at the end of 2011, up 65% for the year. The portfolio is predominately comprised of federal loan bonds (OFZs), municipal bonds, debt obligations for Lombard list issuers and Eurobonds.
The bank's total IFRS individual deposits increased 76.1% to 49.998 billion rubles in 2011.
SMP Bank increased its net profit according to Russian accounting standards (RAS) in 2011 by 17 times to 2.858 billion rubles from 165.9 million rubles in net profit for 2010. The bulk of the profit in 2011 was generated in the fourth quarter (2.666 billion rubles).
The bank shareholders in the bank are brothers Arkady and Boris Rotenberg, each of whom own 37.27% stakes. The bank's president and CEO, Dmitry Kalantyrsky, owns 10.73%. Other top-managers at SMP own minority stakes
SMP Bank was 41st biggest bank by assets at the end of the first quarter of 2012 according to the Interfax-100 ranking, compiled by the Interfax Center for Economic Analysis.