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LOCKO-BANK announced its financial results for 1st quarter 2018 according to IFRS: Net income amounted to RUB 0.6 bln

31 мая 2018 г.

LOCKO-Bank announces its consolidated Financial Statements for 3 months (3M) 2018 in accordance with International Financial Reporting Standards (IFRS).
In 3M2018 LOCKO-Bank’s Profit before tax amounted to RUB 0.7 bln and net profit - RUB 0.6 bln.

    LOCKO-Bank’s key indicators of Profit and loss statement as of March 31, 2018:

  • Net interest income showed an increase of 20.9% compared to 3M2017 and reached RUB 1.4 bln.
  • Net fee and commission income reached RUB 0.6 bln, up by 33.4% compared to 3M2017.
  • Net income from operations with financial instruments at fair value, including financial assets available-for-sale equaled to RUB 0.1 bln compared to RUB 0.2 bln the year before.
  • Net interest margin was 7.1%.
  • Net provision costs reached 0.4 bln up by 30.9% due to implementation of IFRS 9 as of January 1, 2018, hence different approach to provisions, under which the credit institution recognizes expected loan losses before actual impairment is recognized.
  • Operating expenses grew by 19.2% and reached RUB 1.04 bln compared to RUB 0.9 bln from the year-ago period.

      Review of LOCKO-Bank’s key financial indicators:

    • Loan portfolio net of allowance for impairment decreased by 3.1% amounted to RUB 46.3 bln.
    • Assets decreased by 1.6% to RUB 84.3 bln due to decrease of the volume of investment securities portfolio.
    • Current accounts and deposits from customers did not undergone significant changes and amounted to 59.9 bln RUB.
    • Shareholders’ Equity increased by 1.1% and amounted to RUB 16.3 bln.
      Key financial ratios, %:

    • In 3M2018 Return on equity (ROE) amounted to 13.8%, decreased by 1.9 percentage points in comparison with 3M2017.
    • In 3M2018 Return on assets (ROA) amounted to 2.6% compared to 2.95% in 3M2017.
    • Cost to income (CTI) amounted to 49.7% and decreased by 0.5 percentage points in comparison with the previous year.
    • In 3M2018 total capital adequacy ratio under Basel Capital Accord amounted to 20.6% up by 0.2 percentage points compared to the end of 2017.

    Operating income increased by 8.2% compared to 3M2017 and amounted to RUB 2.1 bln.

    The share of net fee and commission income was 27.5% compared to 22.3% in 3M2017.

    Retail loan portfolio net of allowance for impairment amounted to RUB 35.1 bln performing a 6.9% growth. The growth of the loan portfolio is a consequence of an increase in the incoming flow of loan applications as a result of the launch of federal advertising company; while maintaining a conservative approach to credit risk assessment. The high quality of the loan portfolio is one of the bank's priorities. Thus the share of non-performing loans in the loan portfolio (NPL 90+) decreased and amounted to 6.3% in 3M2018.

    As for March 31, 2018 the Bank was represented by 52 branches in 21 economic regions of Russia.

    Alexey Parfenenok, CFO commented:

    “In 3M2018 LOCKO-Bank’s main focus is on business diversification and on the increase of the share of commission income in the income structure; these focuses reflect the consistent implementation of the Bank's strategy to form a sustainable customer business not associated with credit risk. LOCKO-Bank is focused on the transition to the new IFRS 9 financial reporting standard, which allows more accurate consideration of credit risks and ensure greater transparency and predictability of business for the Bank's clients, investors and shareholders."