LOCKO-Bank announced its consolidated financial statements for the third quarter of 2019 according to International Financial Reporting Standards (IFRS) as part of the PWC review. For the nine months ended September 30, 2019, LOCKO-Bank’s Profit before tax amounted to RUB 1.5 bn and net profit - RUB 1.2 bn
Key financial indicators for the III quarter of 2019:
Net interest income amounted to RUB 4.1 bn, an increase of 3.2% compared to the same period last year.
Net profit increased by 2.1% compared to the same period last year to RUB 1.2 bn.
Net interest margin remains at a consistently high level and amounts to 6.3%.
Operating income increased by 18.4% compared to the same period last year and amounted to RUB 6.8 bn.
The share of net fee and commission income in Operating income structure remains at a consistently high level and amounts to 30%.
The total loan portfolio, excluding the estimated reserve for expected credit losses, grew by 3.9% and amounted to RUB 56.2 bn.
Capital adequacy ratio under Basel Capital Accord amounted to 20.3%.
The main events that occurred during the 9 months of 2019:
Commenting on the results, the Chairman of the Board of Loko-Bank Davydik Viktor Yulianovich noted:
“The third quarter of 2019 was successful for Loko-Bank, the main financial indicators showed positive dynamics in accordance with our forecast. The bank shows a high result, ensured by the wide diversification of the business, continuous improvement of products, and improvement of the quality of customer service. The events of nine months demonstrate that the external environment highly appreciated the work done by the bank. We are confident that the consistent and effective implementation of the strategy will allow us to reach a new level of the technological effectiveness and meet the high requirements of a competitive environment. "