OREANDA-NEWS. October 12, 2012. Russian Agricultural Bank (RusAg) has published its International Financial Reporting Standards Condensed Consolidated Interim Financial Statements and Review Report for 1H 2012, reported the press-centre of RusAg.

In 1H 2012 RusAg showed positive dynamics in main key performance indicators in line with the management plans. The Bank`s loan portfolio grew 8.5% totaling RUB 1.063 trillion before provisions. The corporate loan portfolio increased by 6.7% up to RUB 887.5 billion, retail loan portfolio — by 18.7% and amounted to RUB 175 billion. The Bank`s assets grew 3.9% and exceeded RUB 1.334 trillion as of 1H 2012.

RusAg`s net interest income rose 6% year-on-year, while net fee and commission income demonstrated a 40.9% growth. The 1H 2012 net profit amounted to RUB 135 million. Quarterly dynamics of financial indicators reflect the seasonal margin fluctuations due to a surge in customers` demand for short-term resources for seasonal field work financing. Under the impact of unfavorable weather conditions of the current year and consequences of the 2009-2010 drought, the Bank`s expenses for loan impairment provisioning in 1H 2012 amounted to RUB 15.5 billion.

Russian Agricultural Bank being a key agent of the Government for the implementation of the state policy on agribusiness development will continue to provide an effective financial support to the industry and extend lending under the programs promoting social and economic development of rural areas.

Please find RusAg’s IFRS Financial Statements as of 1H 2012 at our website: http://www.rshb.ru/en/reports/ifrs.php