OREANDA-NEWS. Assets of Vnesheconombank amounted to 2.66 trillion rubles as of 01.04.2013 (as of 01.01.2013 – 2.59 trillion rubles, a growth of 2.7%).

Credits extended to noncredit institutions account for 40% (1 070.3 billion rubles) of assets as of the 1st quarter of 2013 (39% or 1 002.2 trillion rubles as of the start of the year).

Claims to banks (minus funds placed in NOSTRO accounts) amounted to 574.4billion rubles and this is 3.9% more than it was as of 01.01.203 (552.8 billion rubles).

The securities portfolio (minus investment funds in shares) increased from the year’s start by 23.5 billion rubles and amounted to 541.3 billion rubles. The main reasons – the purchase of shares of the closed share investment fund, the Russian Direct Investment Fund, for an amount of 62 billion rubles through using funds of the target subsidy. At the same time, investments in bonds diminished as a result of selling or redeeming some bonds purchased earlier.

Investment funds in shares and stakes in charter capital of institutions (adjusted for revaluation) increased from the start of 2013 by 20.3 billion rubles and amounted to 314.7 billion rubles as of 01.04.2013. In February of 2013 VEB purchased shares of the Far East and the Baikal Region Development Fund (OJSC) for an amount of 15.0 billion rubles (through using funds of the target subsidy) and of the Federal Project Finance Center (OJSC) for an amount of 3.0 billion rubles.

The amount of borrowed funds increased by 47.7 billion rubles or by3% to 1 778.3 billion rubles in the first quarter of 2013. The main reason is the increased amount of raising long-term resources through placing eurobonds for a total amount of 1.5 billion euros.

Own funds (capital) amounted to 368.3 billion rubles in the first quarter of 2013, this is 54.3 billion rubles more than it was as of 01.01.2013 (by 17.3%). The capital growth from the start of the year was a result of including funds of target subsidies in the form of the Russian Federation’s contribution worth 77.0 billion rubles in the additional capital and increased balance of revaluating securities available for sale. It increased by 6.4 billon rubles. The said influence was evened by a growth of 15.4 billion rubles in the funds invested in shares of subsidiary and affiliated companies as well as by achieving a negative financial result in the amount of 11.5 billion rubles in the first quarter of 2013.

Capital adequacy ratio was at the level of 12.0% as of 01.04.2013.

In the quarter under review Vnesheconombank sustained a loss of 11.5 billion rubles (in the first quarter of 2012 a profit of 7.6 billion rubles).

In the first quarter of 2013 there was a negative balance of incomes and expenses on creating reserves in the amount of 26.1 billion rubles ( in the first quarter of 2012 – a positive balance of 0.9 billion rubles). Expenses on forming reserves are associated with a significant growth in the loan portfolio and increased risks of investment projects of national significance approved for financing.

In the first quarter of 2013 interest incomes increased by 9.2% to 30.7 billion rubles from the same period in 2012. The main reason for the growth was that interest incomes from loans extended to customers (noncredit institutions) caused by increased lending volumes.

In the first quarter of 2013 interest expenses increased by 14.6% and amounted to 21.1 billion rubles. The main reason was that interest expenses on raised funds from customers (noncredit institutions) increased from 13.2 billion rubles in the first quarter of 2011 to 14.4 billion rubles in the first quarter of 2013. The growth in interest incomes is associated with increased amounts of funds raised from customers (including deposits received through issuing eurobonds). Interest expenses on funds raised from credit institutions increased (by 0.8 billion rubles to 4.8 billion rubles) and on issued securities (by 0.7 billion rubles to 1.9 billion rubles).

As a result of all changes mentioned above net interest expenses amounted to 9.6 billion rubles as of the end of the accounting period and this is a bit lower than 9.7 billion rubles as of 01.04.2012.

In the first quarter of 2013, net incomes from transactions with securities (evaluated by fair value through profit and loss available for sale) amounted to 7.9 billion ruble, 17.0% higher from the first quarter of 2012.

In the accounting period net incomes from transactions with foreign currency amounted to 0.2 billion rubles against 3.4 billion rubles in the first quarter of 2012.

In the accounting period net incomes from revaluating foreign currency amounted to 0.8 billion rubles against the negative result of 10.5 billion rubles in the first quarter of 2012. Fluctuations in the financial results are related to dynamics of foreign currency exchange rates.

Dynamics of profitability indicators is for the most part determined by dynamics of profits generated during relevant periods. In the accounting period return on assets and return on capital were negative values: -12.6% and -1.7% (in the first quarter of 2012 - positive values of 8.2% and 1.3% respectively).