OREANDA-NEWS. In 1Q2014, Bank Petrocommerce generated net profit of RUR 106 mln (according to the RAS).

The Bank's interest income increased by 21% to RUR 4.8 bln (yoy), which was driven, first and foremost, by the growth of interest income from lending by 18% to RUR 4 bln. At that, interest income from factoring went up by 26% to RUR 0.5 bln; from SME lending - almost four times to RUR 0.4 bln; from retail lending - by 57% to RUR 1.1 bln. Net interest income augmented by 47% to RUR 1.6 bln due to a moderate interest expense growth (by 11%).

Net fee & commission income also demonstrated an upward trend growing by 6% to RUR 0.5 bln. Operating expenses edged up slightly by approximately 2%.

In 1Q2014, assets grew by 10%. The loan book was one of the main drivers behind the asset growth in 1Q 2014. The SME loan portfolio increased by 16% to RUR 11.3 bln, while the corporate loan book expanded by 9% to RUR 126.9 bln versus the market growth of 6%. In March 2014, the Bank made a debut mortgage-backed bond issue. The volume of assigned receivables was RUR 4.6 bln. In 1Q 2014, the Bank's retail loan portfolio, excluding securitised loans, increased by 8% to RUR 27 bln, with retail lending of the Russian banking sector went up by 3%.

The Bank's loyal customer base is one of its competitive edges. As at 01.04.2014, corporate customer funding amounted to RUR 88 bln, up by 38% as compared with the year-start. Retail customer funding was RUR 73 bln remaining virtually at the same level.

"A positive financial result and business growth rates correspond to the adopted development model, - noted Vladimir Rykunov, President of the Bank. - We will keep on enhancing our stronghold in the core segments generating high margins, which will enable the Bank to maintain a positive business growth up to the end of 2014".