OREANDA-NEWS. CREDIT BANK OF MOSCOW's 2013 IFRS net income increased by 53.7% on 2012 to RUB 8,880 mln (USD 278.3 mln)

Assets grew 47.1% year-on-year reaching RUB 454,202 mln (USD 13,877.6 mln)

The gross loan portfolio expanded by 54.4% year-on-year to RUB 317,860 mln (USD 9,711.8 mln)

Non-performing loans (loans overdue more than 90 days) were up marginally to 1.3% in 2013 versus 1.0% for 2012; loan loss provisions increased to 2.8% of the total portfolio

Operational efficiency remained strong, with a 20.1% return on equity and 2.4% return on assets

The cost-to-income ratio decreased to 31.2% at the end of 2013 from 41.1% the previous year

Equity increased by 28.9% in 2013 to RUB 50,658 mln (USD 1,547.8 mln)

Basel capital grew by 59.8% in 2013 to RUB 71,906 mln (USD 2,197.0 mln), with a capital adequacy ratio of 16.0% and Tier I ratio of 11.0%

"In 2013 CREDIT BANK OF MOSCOW built on the trend of recent years to deliver another excellent set of results, generating outstanding growth while maintaining strong asset quality and best-in-class levels of efficiency. The Bank's sustainable growth and profitability is underpinned by an in-depth knowledge of our market, a strong focus on risk management to maintain asset quality, and a cost-to-income ratio that is one of the best in the sector. We are pleased to note that our very strong performance was recognised by international rating agencies with two rating upgrades in 2013, as well as continued support from the international investment community, thanks to the Bank's positioning and unique strategy in the Russian market