OREANDA-NEWS. August 20, 2010. BANK URALSIB (OJSC “URALSIB” or the Bank) (RTS: USBN) reports IIQ and 6M2010 financial results under Russian Accounting Standards (RAS).

The Bank’s net income reached 2.9 bln rubles in IH2010, pre-tax income amounted to 4.4 bln rubles.

Selected Income Statement Items
(mln RUB)

6M10

IIQ10

IQ10

Change
IIQ10/IQ10

 

 

 

 

 

Net interest income

6,221

3,699

2,522

46.7%

Net fee and commission income

2,652

1,460

1,192

22.5%

Net gains from operations with securities

465

266

199

33.7%

Net gains from operations with foreign

-27

45

-72

-

currencies and precious metals

 

 

 

 

Other non-interest income

217

107

110

-2.7%

Allowance recovery

1,693

1,366

327

317.7%

Net operating income

11,221

6,943

4,278

62.3%

Net operating expenses

6,804

3,988

2,816

41.6%

Pre-tax income

4,417

2,955

1,462

102.1%

Net income

2,894

1,445

1,450

-0.3%

Net interest income and net fee and commission income grew up by 46.7% and by 22.5% vs IQ2010 respectively. Net interest income amounted to 6.2 bln rubles, net fee and commission income  - 2.7 bln rubles in IH2010.

Thus net operating income increased by 62.3% in IIQ2010 vs IQ2010 and reached 11.2  bln rubles during 6M2010.

Net non-operating expenses increased by 41.6% in IIQ2010 and reached 6.8 bln rubles in IH2010.  The key factors which have made for the growth of net operating income and net non-operating expenses are gradual increase of active and passive banking operations, as well as integration of the regional banks.

Net non-operating expenses/ net operating income (before allowance recovery income) ratio amounted to 71.5% in IIQ2010 changing insignificantly vs IQ2010.

Selected Balance Sheet Items
(mln RUB)

30.06.10

31.03.10

31.12.09

Change
30.06.10/31.12.09

 

 

 

 

 

Assets

441,385

368,227

379,036

16.4%

Net loans

282,541

221,288

226,740

24.6%

     Total loans

292,743

246,699

252,352

16.0%

     Interbank loans

86,058

44,848

50,646

70.0%

     Loan portfolio (gross)

206,685

201,851

201,706

2.5%

     Loans to corporates

135,560

124,099

131,688

2.9%

     Loans to individuals

71,124

77,751

70,018

1.6%

Promissory notes

16,578

2,769

818

1,926.0%

Allowances for loan loss provisions

-26,799

-28,180

-26,430

1.3%

Securities portfolio

86,485

94,025

92,810

-6.8%

Customer accounts:

311,498

233,391

237,362

31.2%

     Corporate accounts

197,148

145,115

150,244

31.2%

     Individual accounts

114,350

88,276

87,118

31.3%

Equity

46,436

39,872

44,899

3.4%

The Bank’s assets grew up by 16.4% to 441.4 bln rubles during the reporting period (31.12.2009 – 30.06.2010).

The Bank overcame the loan portfolio stagnation in IH2010, the overall loan portfolio increased by 2.5% to 206.7 bln rubles y-t-d.  Loans to individuals increased slightly to 71.1 bln rubles (by 1.6% y-t-d), loans to corporate clients reached 135.6 bln rubles (growth by 2.9% y-t-d).

Loan portfolio–to-customer accounts ratio was 66% as of 30.06.2010, reducing by 20 percentage points vs IQ2010.

Customer accounts amounted to 311,5 bln rubles as of 30.06.2010, showing positive dynamics vs y-t-d (growth by 31.2%). Individual accounts increased by 31.3% to 114.4 bln rubles, corporate accounts grew by 31.2% to 197.1 bln rubles.

Total regulatory capital under CBR methodology amounted to 55.8 bln rubles as of 01.07.2010 (growth by 3.3% y-t-d). The capital adequacy ratio (N1) highly exceeded the minimum level and reached 15.8% as of 01.07.2010.