LOCKO-Bank’s profit or loss statement for 2015:
LOCKO-Bank’s financial performance for 2015:
LOCKO-Bank’s key indicators for 2015:
Interest income for 2015 amounted to RUB 11,54 bn, 28.2% up compared to 2014, which was mostly due to an increase of interest rates in Russia and Bank’s interest bearing assets growth. At the same time, after dramatically increase of rates up to 17% in December 2014 in Russia, bank’s liabilities were revaluated faster than bank’s assets. As a result interest expenses grew by 70% to RUB 7,57 bn in total, which has a negative impact on net interest income.
Operating income increased by 49.1% compared to 2014. The main components of operating income were net gain on financial instruments at fair value through profit or loss (RUB 1,3 bn), net foreign exchange trading income (RUB 0,86 bn), along with net income from financial assets available for sale (RUB 0,61 bn).
SME loan portfolio recorded positive changes by 2% and totaled RUB 33,57 bn. The share of SME loans in gross loan portfolio maintained the same level of 66%.
Retail loan portfolio amounted to RUB 17,2 bn decreasing by 8% compared to 2014 due to bank’s policy change in risk assessment and demand reduction for lending products.
Maintaining high standards of loan book quality remains a priority for the Bank. Thus, to the end of 2015 the share of non-performing loans in loan portfolio (NPL 90+) dropped by 1.2 percentage points and reached 5.0% in compare with 2014.
Current accounts and deposits from customers grew by more than 20% for 2015 to RUB 53,1 bn and became 60% of total liabilities. Retail deposits performed high growth increasing by 40.4% to RUB 33,81 bn.
As for December 31st, 2015 the Bank was represented by 56 outlets in 21 key economic regions of Russia.
Stanislav Boguslavsky, Chairman of the Board of Directors, commented:
2015 was a challenging year for the whole banking industry, however, Bank solidified its capital and liquidity and maintained to perform good profitability results, keeping conservative approach for risk management and cost control. Despite of economic deterioration in Russia, we continued to develop priority business segment – small and medium enterprises, share of which in total bank’s profit comprised more than 37%. During stabilization of economic situation in 2016 we will continue active development of the main business segments, maintaining regulatory ratios at sufficient level and keeping positive financial results.