OREANDA-NEWS. Renaissance Capital, the leading emerging markets investment bank, has reported net profit of USD 4.76mn for 1H13 (period ended 30 June), compared with a loss of USD 14.08mn for the same period a year ago. Net income reached USD 138.96mn for the period, compared with USD 57.10mn a year ago. Total operating expenses were USD 127.64mn, compared with USD 173.00mn for the same period a year ago. Total assets and equity stood at USD 4.33bn and USD 580.99mn, respectively, for 1H13.

Renaissance Capital retains the leading market share in its core geographies. Among its most recent deals are the placement of a USD 7bn eurobond for the Russian Federation and the sale of a 1.5% stake in Dangote Cement to Public Investment Corporation SOC acting as agent of the South African Government Employees Pension Fund. Renaissance was the sole and exclusive financial advisor/broker on the Dangote transaction, which represents the largest single trade ever executed on The Nigerian Stock Exchange. In addition, the Firm has been appointed as financial adviser on one of the largest projects in Russia's Far East, Rosneft's Vostochnaya Neftechimicheskaya Company.

“We are pleased to state that despite the competitive macroeconomic environment across emerging markets, we have achieved all the goals we announced earlier and pushed the Firm back into profitability,” said Igor Vayn, Chief Executive Officer of Renaissance Capital. Business optimisation started in late 2012 and was almost finished in mid-2013, allowing the Firm to deliver positive performance across a number of its businesses, Mr. Vayn is quoted as saying.

“Despite all the challenges the Firm has faced in the past 12 months, Renaissance Capital remains one of the leaders in the investment banking business and brokerage in Russia, Turkey and some of the most promising locations in Sub-Saharan Africa,” said John Hyman, Chief Executive Officer and Chairman of Renaissance Capital. “We're optimistic about the future of the Firm and continue to actively develop it.”