OREANDA-NEWS. September 01, 2014. H1 2014 net income came in at RUB859 million (USD26 million), 64.9% up from H1 2013 results.

Operating income before provisions for 6M 2014 grew by 11% compared with the similar prior-year period to RUB5.4 billion (USD 161 million).

Assets were flat at the level of the year-start at RUB209.6 billion (USD 6.2 billion).

Loan portfolio before provisions decreased by 1.2% YtD to RUB166.1 billion (USD 4.9 billion).

“Funding stability was the key priority for us in the past quarter. Due to strengthening of the local currency and clients’ trust in banking products, rouble-nominated customer funds inflow resumed at the highest pace seen in the recent years. Thus, we not only reduced the share of market funding, but came to be net lender on the interbank market during the second quarter and repaid the major part of the Bank of Russia funding.

Having placed particular emphasis on the credit risks control, we restrained the loan book expansion amid decline of good quality loan demand and risks associated with the future impact of particular macroeconomic trends on the borrowers’ activity. It enabled to put Loans-to-Deposits ratio back to the more comfortable level of 105%”, commented Mr. Andrey Shalimov, Deputy Chairman of the Management Board.