OREANDA-NEWS. Vnesheconombank publishes consolidated financial statements under IFRS for 2012 with the independent auditor’s report.

For the year 2012, assets amounted to 2919.1 billion rubles. Assets increased by 387.2 billion rubles (+15%) from the start of 2012.

The growth in assets was for the most part brought about by the increased portfolio of loans extended to customers, it increased by 268.3 billion rubles (+22%) to 1 497.2 rubles. The proportion of credits to customers in the assets of Vnesheconombank Group for 2012 increased from 49% to 51%.

The amount of monetary funds and their equivalents increased by 62.0 billion rubles to 240 billion rubles from the start of 2012. As of 31.12.2012, funds of subsidies from the federal budget not used for designated purposes and received in late December of 2012 were registered in the current accounts of the Bank of Russia in the total amount of 80.0 billion rubles (62 billion rubles – for forming the Russian Direct Investment Fund, 15 billion rubles – for implementing top-priority investment projects to develop industrial, transport and power engineering infrastructure on the territory of the Far East and the Baikal region, 3 billion rubles – for compensating for expenses associated with assisting in manufacturing high-technology products by way of lending at interest rates that are lower than market ones).

As compared to the start of 2012, the amount of investment financial assets available for sale increased by 39.5 billion rubles from 454.3 billion rubles to 493.8 billion rubles. The growth was brought about by purchasing entitlements in the first part of 2012 to shares of GPB (OJSC) (their fair value is 47.1 billion rubles as of 31.12.2012), with the Bank’s commitment to sell the shares to the issuer under the terms of the sold American eight-year call.

For a 2012, the amount of funds in credit institutions decreased from 457.7 billion rubles to 446.5 billion rubles (by 11.2 billion rubles). The amount of extended subordinated loans decreased by 44.4 billion rubles (in the first half of the year GPB (OJSC) repaid some subordinated loans extended by Vnesheconombank under Law 173-FZ.

The amount of liabilities for 2012 increased by 387.9 billion rubles (+19%) to 2 387.2 billion rubles. The main reasons were the following: the increased amount of issued debt securities (by 127.9 billion rubles (+49%) to 388.9 billion rubles).

Credit institutions’ funds increased by 97.9 billion rubles (+21%) to 569.9 billion rubles. The amount of debt to the Russian Government and the Bank of Russia increased by 97.3 billion rubles (+11%) to 981.9 billon rubles as of 31.12.2012. The debt to the Bank of Russia increased by 102.1 billion rubles. This growth was caused by the increased the amount of short-term funds they raised (deposits and funds on REPO operations).

Other liabilities increased by 86.4 billion rubles to 105.4 billion rubles (by 5.5 times), this item includes subsidies that were received and those that were not used for a total amount of 80.0 billion rubles.

From the start of 2012, Vnesheconombank Group’s capital decreased slightly (-08 billion rubles) and amounted to 531.9 billion rubles as of 31.12.2012. At the same time, undistributed profits increased by 17.5 billion rubles, unrealized revaluation of investment securities available for sale increased by 16.7 billion rubles. At the same time, foreign currencies recalculation fund decreased by 1.5 billion rubles.

For 2012, profit amounted to 17.5 billion rubles. As compared with 2011, profit increased by 10.0 billion rubles (7.5 billion rubles in 2011).

Net interest income was 80.5 billion rubles - an increase of 16.2 billion rubles (+25,1%) from the same period of last year).

Interest incomes increased by 44.4 billion rubles (+28%) to 204.2 billion rubles. The main reason was the increased returns on credits to customers and financial leasing for a total amount of 40.1 billion rubles associated with increased volumes of the said transactions.

Interest expenses increased by 22.8 billion rubles (+30%) to 123.7 billion rubles.

Interest expenses on funds raised from credit institutions and the Bank of Russia increased by 13.0 billion rubles due to the growth in average amounts of borrowings from 2011 (from 566.6 billion rubles to 747.7 billion rubles). At the same time, the average rate of borrowing of these funds increased from 4.3% for the year 2011 to 5.0% for the year2012.

Expenses on issued securities increased by 8.6 billion rubles (+60%) to 23.0 billion rubles as a result of increased volumes of issued securities. Expenses on the funds of customers and the Russian Government also increased (by 6.6 billion rubles to 63.6 billion rubles).

In the accounting period net incomes from transactions on investment financial assets available for sale decreased by 7.9 billion rubles to 2.2 billion rubles from 2011.

Incomes minus expenses on transactions in foreign currency increased by 19.6 billion rubles to 14.6 billion rubles.

In the accounting period, non-interest expenses increased by 12.1 billion rubles to 50.5 billion rubles. The growth of 7.7 billion rubles in other operating expenses had a significant influence.

The amount of expenses on forming reserves in 2012 increased by 9.7 to 48.8 billion rubles from 2011.