Gazprombank releases financial results for 9M2017, with net income at RUB 32.9 bn in accordance with IFRS
Gazprombank (Joint Stock Company) (hereinafter, Bank GPB(JSC) or the Bank) published interim financial results prepared in accordance with International Financial Reporting Standards (IFRS) for the nine months of 2017 and as of 30 September 2017.
“The positive dynamics of the Bank’s key performance indicators in 9M 2017 point to successful implementation of the Bank’s strategic goals: maintaining margins, increasing stable banking revenues, raising interest-bearing assets and ramping up borrowed funds with a focus on rolling out the retail business (retail deposits showed the strongest growth). Despite the possibility of traditional growth in provisions and operating expenses in Q4, the Bank expects to report year-end 2017 net income not lower than the 2016 amount and boost its business volumes”, Deputy Chairman of the Management Board, Mr. Alexander Sobol, said.
Bank GPB (JSC) key financial indicators for 9M2017 / as at 30 September 2017:
“The positive dynamics of the Bank’s key performance indicators in 9M 2017 point to successful implementation of the Bank’s strategic goals: maintaining margins, increasing stable banking revenues, raising interest-bearing assets and ramping up borrowed funds with a focus on rolling out the retail business (retail deposits showed the strongest growth). Despite the possibility of traditional growth in provisions and operating expenses in Q4, the Bank expects to report year-end 2017 net income not lower than the 2016 amount and boost its business volumes”, Deputy Chairman of the Management Board, Mr. Alexander Sobol, said.
Bank GPB (JSC) key financial indicators for 9M2017 / as at 30 September 2017:
- Net income totaled RUB 32.9 bn compared to RUB 17.0 bn for 9M2016.
- ROE and ROA stood at 8.3% and 0.8%, respectively.
- Net interest margin comprised 3.1% compared to 3.0% in 9M2016.
- Net commission income amounted to RUB 10.9 bn compared to RUB 10.2 bn for 9M2016.
- Cost of Risk stood at 0.5% compared to 1.1% in 9M2016.
- Cost-to-income ratio reached 48.7% compared to 41.8% in 9M2016.
- Assets increased to RUB 5,414.6 bn. (RUB 4,879.2 bn as at year-end 2016).
- The total loan portfolio amounted to RUB 3,651.4 bn compared to RUB 3,503.9 bn as at year-end 2016.
- The share of non-performing loans (NPL) (overdue 90+ days and defaulted loans) in the total loan portfolio increased to 3.5% as at 30 September 2017 compared to 3.0% as at year-end 2016.
- The provisioning ratio decreased from 7.3% to 5.8% in 9M2017.
- Customer accounts amounted to RUB 3,639.7 bn as at 30 September 2017 compared to RUB 3,330.8 bn as at year-end 2016, while the loans-to-deposit ratio stood at 100.3% as at 30 September 2017.
- Basel I total capital increased to RUB 703.4 bn as at 30 September 2017, the total capital adequacy ratio stood at 14.4%, the Tier-1 capital adequacy ratio amounted to 11.0%.
