OREANDA-NEWS. February 14, 2013. Nordea Bank’s capital stood at RUB 32.8bn (up 7% year-on-year). The assets were worth RUB 263.45bn. The total credit portfolio reached RUB 214.51bn (3% more than in 2011), reported the press-centre of Nordea Bank.      

The corporate credit portfolio amounted to RUB 167.03bn and the retail credit portfolio amounted to RUB 17.38bn (9% more than in 2011).

Mortgage loans account for over 89% of the total retail portfolio. In 2012 the mortgage portfolio grew by 12% up to RUB 15.3bn.

As of 01.01.2013, the net profit went down to RUB 2.03bn due to an adjustment of the Bank’s strategy with regard to funding sources (shift from interbank financing toward deposits, thus more interest expenses).

"We are oriented toward a sustainable organic growth both in our corporate and retail business. In 2012 the Bank increased its annualized credit portfolio. This is the very factor coupled with the interest margin that the Bank’s income depends upon. In 2012 the Bank continued to pursue a conservative credit policy. It enabled us to end the year with one of the market’s lowest NPL ratios (1.1%). Also, we performed well in terms of operating expenses (remaining same as in 2011). It is indicative of the Bank’s overall efficiency", said Igor Bulantsev, Chairman of the Bank’s Management Board.