LOCKO-Bank Annual General Shareholders Meeting Held in June

LOCKO-Bank Annual General Shareholders Meeting was held in June. Shareholders summarized LOCKO-Bank FY2013 financial results and approved the annual report and annual financial statements as a result of the meeting. Additionally, the Board of Directors was approved: Mr. Stanislav Boguslavsky, Mr. Victor Davydik, Mr. Vladimir Davydik, Ms. Hanna-Leena Loikkanen and Mr. Ferdinand Willem Tuinstra.

Shareholders commented that the Bank demonstrated positive dynamic of key figures, maintaining loan portfolio quality at a good level in 2013. The Bank’s equity amounted to RUB 10.4 billion in 2013, up 24% year-on-year. Total CAR was 17.3% and tier 1 CAR was 16.8% under Basel Capital Accord. Total Assets grew by 11% reaching RUB 79.7 billion. Net income was RUB 1.5 billion in 2013; all net income was recapitalized.

Gross loan portfolio reached RUB 50.8 billion in 2013, growing by 12%. SME loans amounted to 64% of total loan portfolio.

The Bank maintained high level of loan portfolio quality. NPL ratio (90+ days overdue) was 3.6%.