LOCKO-BANK announces its consolidated interim financial statements for 1st quarter 2016 according to IFRS.
LOCKO-Bank’s profit or loss statement for 1Q2016:
LOCKO-Bank’s financial performance for 1Q2016:
LOCKO-Bank’s key indicators for 1Q2015:
Net profit for 1Q2016 amounted to RUB 962 mn, this positive effect was due to net interest income increase by 29,3% along with increase by 54,8% of net fee and commission income/
Net Interest income for 1Q2016 amounted to RUB 1,04 bn. Despite on operating income increase by more than 13% in the 1st quarter of 2016, interest income totaled to RUB 2,99 bn, a 18,5% growth compared to 1Q2015, which was boosted by retail loan portfolio increase and interest gain duplication generated by financial market segment. As a result the growth of net interest income comprised 29,3% in 1Q2016 versus 1Q2015.
Operating income increased by 46% compared to 1Q2015 due to net fee and commission income increase. The main component of positive operating income was net gain on financial instruments at fair value through profit or loss in the amount of RUB 0,8 bn.
Retail loan portfolio amounted to RUB 16,2 bn performing a 6.6% growth versus 1Q2015. The growth was a result of declining of interest rates for credit products during 2015 and due to general stabilization in retail lending market.
Current accounts and deposits from customers grew by more than 19% for 1Q2016 to RUB 50,3 bn and became 59% of total liabilities.
As for March 31st, 2016 the Bank was represented by 52 outlets in 22 key economic regions of Russia.
Stanislav Boguslavsky, Chairman of the Board of Directors, commented:
“Bank’s financial results in 1Q2016 represent stabilization of economic activity in Russia which began in the latter half of the year. Qualitative income increase along with other business key indicators growth proves strategic adequate choice of LOCKO-Bank. Starting 2016 year with a stable positive result, we will remain our focus on improving business performance while maintaining high asset quality along with constant cost and risk control.”