OREANDA-NEWS. September 02, 2013. Sviaz-Bank has published its consolidated financial statements prepared under International Accounting Standards (IAS) for six months of 2013 and audited by Ernst & Young, LLC, the Bank’s independent external auditor.

Through 2013, the Bank continued to develop according to plans, expanding its range of banking services, building up its customer base, and developing and launching new products and specialized technologies for all groups of customers.

As of July 1, 2013, the Bank’s net assets had grown by 5.6%, to 277.2 billion rubles, including 157.9 billion rubles in its portfolio of loans made over six months of 2013.

Growth in lending to individuals remains the principal driving force behind the Bank’s swelling assets. The total loans issued to individuals from year beginning had risen by 31.6% to 40.1 billion rubles. The Bank gives priority to low-risk lending products it issues to individuals to maintain a comfortable 3% required reserves of its loan portfolio.

Deposits of the Bank’s individual and corporate customers are still the most important source of funding for its active transactions. By July 1, 2013, customer deposits with the Bank had risen by 7.8% over six months to 169.2 billion rubles.

Over six months of 2013, the Bank had earned a profit of 656 million rubles, as compared to 334 million rubles in the same period of 2012.

Through six months of 2013, the Bank earned 4,048 million rubles in net interest income, or 10.7% more than it did over the early half of 2012. By July 1, 2013, the Bank had earned 208 million rubles in returns on its securities trading, significantly more than it did in the same period of 2012.

As of July 1, 2013, the Bank had 44.0 billion rubles in capital measured under International Accounting Standards (IAS) and a capital adequacy ratio of 20.4%, as required by the Basel accord, a surety of continued steady growth of the Bank’s transactions in the future.