OREANDA-NEWS. September 12, 2014. Russian Agricultural Bank (RusAg) has published its Interim Condensed Consolidated Financial Statements with Independent Auditor’s Report on Review for the period ended 30 June 2014.

For the first six months of 2014 the Bank’s gross loan portfolio grew by RUB 37 billion up to RUB 1,412 billion. Corporate loans increased by RUB 30.5 billion and amounted to RUB 1,144 billion. Retail loans rose by RUB 4.5 billion and totaled RUB 255 billion. Customer accounts exceeded RUB 743.5 billion.

In 1H 2014 RusAg ensured effective control of expenses, restraining their growth within the CPI rate while increasing its income at a faster rate. Net interest income as compared to 1H 2013 rose 13% and amounted to RUB 35.3 billion, net fee and commission income totaled RUB 3.8 billion. Net profit for 1H 2014 amounted to RUB 236 million.

Under current limited access to international capital markets, RusAg has fully accomplished the set task of financing the priority sector of the Russian economy - agribusiness. During 8 months of 2014, RusAg extended more than RUB 250 billion under the State Program on Agribusiness Development.

The Bank will continue its work aimed at increasing of lending to agricultural producers, branch network efficiency, expansion of product range thereby contributing to higher performance in domestic agribusiness, faster import substitution and the country’s food security.