Bank Uralsib Reports on 2Q and 1H 2011 Financial Results under RAS
OREANDA-NEWS. July 22, 2011. BANK URALSIB (OJSC “URALSIB” or the Bank) (RTS: USBN) reports on IIQ and 6M2011 financial results under Russian Accounting Standards (RAS)1.
The Bank’s net income reached 2.7 bln rubles in IH2011, pre-tax income amounted to 3.9 bln rubles.
Selected Income Statement Items |
6M11 |
IIQ11 |
IQ11 |
Change |
RUB mln |
|
|
|
|
Net interest income |
7,606 |
4,068 |
3,538 |
15.0% |
Net fee and commission income |
3,355 |
1,755 |
1,600 |
9.6% |
Net gains from operations with securities |
872 |
315 |
557 |
-43.4% |
Net gains from operations with foreign currencies and precious metals |
669 |
467 |
202 |
131.2% |
Other non-interest income |
92 |
-8 |
100 |
- |
Allowance recovery |
1,127 |
942 |
185 |
409.2% |
Net operating income |
13,721 |
7,539 |
6,182 |
22.0% |
Net operating expenses |
9,844 |
5,553 |
4,291 |
29.4% |
Pre-tax income |
3,877 |
1,986 |
1,891 |
5.0% |
Net income |
2,657 |
921 |
1,736 |
-46.9% |
Net interest income and net fee and commission income increased by 15.0% and by 9.6% in IIQ2011 vs IQ2011 respectively. Net interest income amounted to 7.6 bln rubles, net fee and commission income - 3.6 bln rubles in IH2011.
Allowance recovery amounted to 1.1 bln rubles in IH2011.
Net gains from operations with foreign currencies and precious metals also demonstrated a positive trend and amounted to 669 mln rubles in IH2011.
Thus, net operating income increased by 22.0% in IIQ2011 vs IQ2011 and reached 13.7 billion rubles for IH2011.
Net operating expenses/ net operating income (before allowance recovery income) ratio amounted to 78.2% in IH2011.
Net income decrease in IIQ2011 was caused by payment order of income tax. High income tax basis in IQ2011 increased advanced payments in IIQ2011, and this together with final payment for IQ2011 increased the total amount of income tax payment from 155 mln rubles in IQ2011 to 1.1 bln rubles in IIQ2011.
1calculations are done in accordance with URALSIB’s internal methodology.
Selected Balance Sheet Items |
30.06.2011 |
31.12.2010 |
Change |
RUB mln |
|
|
|
Assets |
414,504 |
408,648 |
1.4% |
Net loans |
261,830 |
251,066 |
4.3% |
Total loans |
278,497 |
273,577 |
1.8% |
Interbank loans |
28,442 |
52,420 |
-45.7% |
Loan portfolio (gross) |
250,054 |
221,157 |
13.1% |
Loans to corporates |
180,691 |
153,061 |
18.1% |
Loans to individuals |
69,363 |
68,096 |
1.9% |
Promissory notes |
9,251 |
3,840 |
140.9% |
Allowances for loan loss provisions |
-25,917 |
-26,351 |
-1.6% |
Securities portfolio |
86,744 |
91,235 |
-4.9% |
Customer accounts: |
272,981 |
293,937 |
-7.1% |
Corporate accounts |
151,276 |
176,129 |
-14.1% |
Individual accounts |
121,705 |
117,807 |
3.3% |
Equity |
45,150 |
45,389 |
-0.5% |
The Bank’s assets grew up by 1.4% to 414.5 bln rubles during the reporting period (31.12.2010 – 30.06.2011).
In view of short-term interbank lending decrease, the Bank ensured sustained growth of customer’s loan portfolio. Loan portfolio reached 250.1 bln rubles (growth by 13.1%). Loans to individuals increased to 69.4 bln rubles (by 1.9%), and loans to corporate clients reached 180.7 bln rubles (growth by 18.1% y-t-d).
Loan portfolio–to-customer accounts ratio amounted to 91.6% as of 30.06.2011.
Customer accounts as of 30.06.2011 reached 273.0 bln rubles, showing positive dynamics during IIQ2011 (growth by 4.9%). Individual accounts growth rate remained at the stable level within last 6 months. Individual accounts increased by 3.3% y-t-d and reached 121.7 bln rubles. Corporate accounts showed high volatility within IH2011, demonstrating reduction by 14.1% to 151.3 bln rubles. Thus in June corporate accounts have increased by 6.1 % m-o-m.
Total regulatory capital under CBR methodology amounted to 52.4 bln rubles as of 01.07.2011. The capital adequacy ratio (N1) reached 12.9% as of 01.07.2011.
Total equity reduction was caused by dividend payment to the Bank’s shareholders.
1 Numbers are calculated in accordance with URALSIB internal methodology
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