RSHB IFRS net profits plunge 84% to 58 mln rubles in 2011
MOSCOW. April 28 (Interfax) - Rosselkhozbank (RHSB) ended last year with net profits to International Financial Reporting Standards (IFRS) of 58 million rubles, an 84% fall-off from 2010's 369 million rubles, the bank reported.
RSHB said that net profits to Russian Accounting Standards (RAS) amounted to 1.3 billion rubles. "The IFRS report factors in data on the basis of which are founded reservation rules based on an accounting of future cash flows on loans, which more precisely reflects the specifics of bank operations," the bank said.
The bank's net interest income prior to loan-impairment provisions to IFRS for 2011 amounted to 53.615 billion rubles (up 4% from 2010), with provisioning costs running to 22.552 billion rubles (down 21%).
Net commission income was up 33% at 26.229 billion rubles.
RSHB's credit portfolio before provisions to IFRS increased 31% in 2011 to 979.608 billion rubles, after provisions - also 31% to 903.697 billion rubles. The ratio of provisions to total credits was pretty much unchanged from 2010 at 7.7% (7.6% in 2010).
The bank said that considering the impact of the consequences of the 2009-2010 drought the bank, in the context of its consolidated IFRS reporting, put together in 2011 loan-impairment provisions of 22.6 billion rubles, ensuring a positive financial outcome.
Bank assets grew 38% last year to 1.284 trillion rubles.
Client fund increased 57% over the year to 607.295 billion rubles.
RSHB equity expanded 33% to 156.775 billion rubles.
Rosselkhozbank ended Q1 2012 in 4th place by assets on the Interfax-100 ranking of Russian bank size.
