OREANDA-NEWS. April 03, 2014. Sviaz-Bank (Vnesheconombank Group) has published its 2013 consolidated financial statements prepared in accordance with the International Accounting Standards (IAS) and verified by Ernst & Young LLC, the Bank’s independent external auditor.

In 2013, the Bank kept on developing according to plan, expanding the spectrum of its banking transactions, building up its customer base, and developing and launching new products and special technologies for all groups of customers.

As reported on January 1, 2014, the Bank’s net assets had increased by 30.6% to 343.1 billion rubles. The Bank’s loan portfolio had grown by 17.8% over 2013, reaching 184.3 billion rubles on January 1, 2014. The highest growth rates were registered by lending to the Bank’s individual customers – loans issued to individuals had grown by 62.6% from the year beginning to 49.6 billion rubles. The amount of commercial loans had risen by 6.6% over 2013, to 142.6 billion rubles. At the end of 2013, the Bank had reserves equal to 4.1% of its loan portfolio.

All through 2013, the Bank continued to expand its resource base by strengthening and expanding its relations with its key customers and involving new customers in cooperation projects. As of January1, 2014, the Bank’s customers had 244.8 billion rubles on deposit with the Bank, or 56% more than they had at the start of the accounting period.

The Bank’s profits increased 6.4-fold over 2013 to 842 million rubles against 131 million rubles in 2012.

By the end of 2013, the Bank gained a net interest margin of 8,966 million rubles, 18.2% more than it did in 2012.

As of January 1, 2014, the Bank had 44.3 billion rubles in IAS capital and a capital adequacy rate of 18.4% required by the Basel accords, enough for the Bank to perform sustainable transactions in the future and to resist possible external upheavals.