OREANDA-NEWS. November 26, 2010. BANK URALSIB (Bank) (RTS: USBN) reports 9M and 3Q 2010 financial results under Russian Accounting Standards (RAS)1.

The Bank’s net income reached 3.2 bln rubles for 9M2010, pre-tax income amounted to 5,0 bln rubles.

Selected Income Statement Items

(mln. RUB)

9M 10

IIIQ 10

9M 09

IIIQ 09

 

 

 

 

 

Net interest income

10,326

3,495

11,899

3,321

Net fee and commission income

4,298

1,647

4,390

1,469

Net gains from operations with securities

694

230

3,800

2,059

Net gains from operations with

-522

-495

771

181

foreign currencies and precious metals

 

 

 

 

Other non-interest income

335

118

298

160

Allowances for loan losses

2,109

-676

-14,101

-9,308

Net operating income

17,240

4,319

7,057

-2,118

Operating expenses

12,264

3,759

13,610

4,819

Pre-tax income/loss

4,976

560

-6,553

-6,937

Net income/loss

3,217

323

-6,778

-7,124

Net interest income and net fee and commission income grew by 5.2%  and by 12.0% in IIIQ2010 vs IIIQ2009 respectively. Net interest income amounted to 10.3 bln rubles and net fee and commission income to 4.3 bln rubles for 9M2010.

Net operating income amounted to 4.3 bln rubles in IIIQ2010 and reached 17.2 bln rubles during 9M2010. Net non-operating expenses amounted to 3.8 bln rubles in IIIQ2010, reduced by 22% vs IIIQ2009 though rental and other non-operating expenses reduction. 

Negative result on operations with foreign currencies is of temporary nature. It is due to some specific features of bookkeeping under Russian Accounting Standards coupled with high volatility of foreign exchange markets at the end of September 2010. Such “paper” loss is expected to be compensated in IVQ 2010.

Net operating expenses/ net operating income (before impairment of interest earning assets) ratio amounted to 75.3% in IIIQ2010 changing insignificantly compared to IIIQ2009.

Selected Balance Sheet Items

(mln. RUB)

30.09.2010

31.12.2009

Change

30.09.10/31.12.09

 

 

 

 

 

Assets

390,272

379,036

3.0%

Loan portfolio (gross)

218,551

201,706

8.4%

     Corporate loan portfolio

148,257

131,688

12.6%

     Retail loan portfolio

70,294

70,018

0.4%

Customer accounts

265,233

237,362

11.7%

     Corporate customers accounts

152,754

150,244

1.7%

     Retail customers accounts

112,479

87,118

29.1%

Securities portfolio

90,668

92,810

-2.3%

Equity

47,284

44,899

5.3%

The Bank’s assets grew by 3.0% to 390.3 bln rubles during the reporting period (31.12.2009 – 30.09.2010).

Having overcome the loan portfolio stagnation, the Bank continued increasing loans to corporate and retail clients. Loan portfolio amounted to 218.6 bln rubles as of 30.09.2010 (growth by 8.4% y-t-d). Loans to corporate clients increased to 148.3 bln rubles (by 12.6%), and loans to individuals reached 70.3 bln rubles (growth by 0,4%).

Customer accounts amounted to 265.2 bln rubles as of 30.09.2010 thus increased by 11.7% since the year beginning. Individual accounts increased by 29.1% to 112.5 bln rubles, corporate accounts grew by 1.7% to 152.8 bln rubles.

Loan portfolio/ customer accounts ratio changed insignificantly against the start of the year and amounted to 82.4% as of 30.09.2010.

Securities portfolio changed insignificantly y-t-d.

Total regulatory capital under CBR methodology amounted to 56.0 bln rubles as of 01.10.2010. The capital adequacy ratio (N1) highly exceeded the minimum required level and reached 14.9% as of 01.10.2010.