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CREDIT BANK OF MOSCOW reports its 9m2015 IFRS financial results

EquityStory.RS, LLC-News: CREDIT BANK OF MOSCOW / Key word(s): 9-month
figures
CREDIT BANK OF MOSCOW reports its 9m2015 IFRS financial results

30.11.2015 / 11:55
The issuer is solely responsible for the content of this announcement.

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30 November 2015, Moscow


CREDIT BANK OF MOSCOW reports its 9m2015 IFRS financial results



Key results

- Net income reached RUB 1,535 mln ($ 23.2 mln).

- Net interest margin was 3.5%.

- Return on equity and return on assets were 3.0% and 0.3% respectively.

- Total assets reached RUB 1,000,055 mln ($ 15,098 mln).

- Gross loan portfolio expanded by 33.3% ytd up to RUB 525,382 mln ($
7,932 mln).

- 90+ NPL ratio remained at 1H2015 level of 4.9% of gross loan portfolio.

- Coverage of gross loan portfolio by provisions increased from 4.1% in
late 2014 to 5.2% as of 9M2015.

- Customer accounts and deposits increased by 86% to RUB 621,170 mln ($
9,378 mln).

- Basel III capital increased by 38.2% up to RUB 124,840 mln ($ 1,885
mln), with capital adequacy and Tier I ratios of 16.0% and 9.6%
respectively.

- High operational efficiency with cost-to-income ratio of 28.1%.



Key financial results


Balance 3Q 2015, 2014, change,
RUB mln RUB mln %

Assets 1,000,055 584,839 71.0
Liabilities 923,967 524,852 76.0
Equity 76,089 59,987 26.8
Capital (Basel) 124,840 90,339 38.2
Gross loan portfolio before 525,382 394,191 33.3
provisions

Key financial ratios, %
Basel capital adequacy ratio (CAR) 16.0% 15.8%
90+ NPL ratio (before provisions) 4.9% 2.3%
Loan-loss provisions / Gross loans 5.2% 4.1%
Net loans / deposits 80.2% 112.9%




Income statement 9M 2015, 9M 2014, change,
RUB mln RUB mln %

Net interest income (before 17,690 17,620 0.3
provisions)
Fee income 6,439 6,319 1.9
Net income 1,535 6,371 (75.9)

Net interest margin (NIM) 3.5% 5.4%
Cost-to-income ratio (CTI) 28.1% 31.1%
Return on equity (ROAE) 3.0% 15.8%
Return on assets (ROAA) 0.3% 1.8%



Net income reached RUB 1,535 mln after a slight growth in 3Q. It dropped by
75.9% year-on-year mainly due to provisions having grown by 2.1 times to
RUB 14,585 mln as the Bank has adopted a conservative provisioning policy
in response to negative macroeconomic trends. Additional pressure on the
net income was put by increased interest expense as the market-average cost
of funding rose in 2015 compared to 2014.

Operating income (excl. provisions) grew by 7.2%, while operating expense
(excl. provisions) slightly shrank by 2.9% allowing the cost-to-income
ratio (CTI) to remain at a good level of 28.1%.

The Bank's total assets increased by 71.0% ytd surpassing RUB 1 trln. This