OREANDA-NEWS. The Bank of Moscow has announced the results of developing its retail business in the first six months of 2013. According to Vladimir Verkhoshinsky, Member of the Board and the Head of the Retail Business Department of the Bank of Moscow, as of 1 July 2013 the Bank was outpacing the goals set forth by the strategy.

The credit portfolio of the Bank of Moscow is growing twice as faster as over the same period of 2012. Over the first six months of the current year it has grown by 24% and amounted to 125 billion RUR. The market share, with due regard for the mortgage loans in the VTB 24 balance sheets, has expanded to 1.38% while it has been planned to attain 1.4% by the end of the year.

The sales of credit products have almost doubled the level of the same period of 2012. Over 10 thousand credit products are sold within a week to the total of over 2 billion RUR which is an all-time record for the Bank. Over the first 6 months 107.4 thousand cash loans have been extended which is 1.5 times more than in the same period of 2012. Since the beginning of the year the credit portfolio has grown by 19%.

Another focus of this year is to develop sales in the Internet. Today this channel accounts for 11% of cash loan sales, i. е. 700 to 800 million RUR a month and it has been planned to extend at least to 1 billion RUR worth of cash loans a month by the end of the year.

Developing the mortgage loan business has become an important direction of the activities in 2013. Each month the Bank extends 1 billion RUR worth of mortgage loans (about 50% in regions). The plan is to raise the mortgage loan sales to 2.8 billion a month.

Some new products have been introduced since the beginning of the year: the Annual Bonus seasonal deposit, Maximum Income, Pension Card. From April a new line of credit cards have been launched. Pilot sales of a special product for individual entrepreneurs, the My Business Loan, have been started in five branches. Since February the clients of Private Banking have been offered bearer saving certificates.

The Bank of Moscow keeps on developing its presence in Moscow and regions. In 2013 8 sale outlets were opened with another 37 being planned to be opened by the end of the year.

"We take a favourable view of the results of our operation in the first six months of 2013. The Bank keeps on boosting the positive dynamics of the retail business key indices," commented Vladimir Verkhoshinsky, Member of the Board of the Bank of Moscow.