Le Lézard
Classified in: Business
Subjects: ERP, ACC

Sovcombank's 1H 2019 Net Profit Hits RUB 13 Billion


MOSCOW, Sept. 5, 2019 /PRNewswire/ -- Sovcombank's net profit grew by 21.2% y-o-y. Net interest income increased by 24% to RUB 26.4 bn (billion), whilst net fee and commission income rose by 26% to RUB 11.7 bn. Equity expanded by 11% to RUB 127 bn driven by an increase in net profit and an additional RUB 6.1 bn issue of shares to foreign investors in April 2019. The Bank paid its shareholders around RUB 5.9 bn in total dividends for 6M 2019.

Sovcombank Logo (PRNewsfoto/Sovcombank)

In recent reporting periods, the Bank has enjoyed sustainable growth across its regular lines of business. In 1H 2019, interest income was up in all lending segments, with Halva cards and the corporate segment as its top contributors (up by 225% and 74% to RUB 2.8 bn and RUB 14.7 bn, respectively).

Dmitry Gusev, Chairman of the Management Board at Sovcombank: "In recent years, the Bank boosted the share of income from regular business operations by both tapping into new low-risk lending segments (mortgages and car loans) and growing the share of fee and commission income. To increase resilience to market and macroeconomic risks, the Bank reduced its reliance on one-off gains and diversified its business. This will pave the way for stable and predictable growth supported by the Bank' strong financials and flexibility needed to withstand high market volatility."

Sovcombank PJSC is a universal bank ranking among Top 20 Russian banks, with RUB 975 bn in assets under the IFRS. The bank employs 16,000 employees in 3,000 branches and offices in 75 regions, located in 1,027 towns of the Russian Federation.

 

SOURCE Sovcombank


These press releases may also interest you

at 09:05
Brompton Split Banc Corp. (the "Company") is pleased to announce that it has completed the previously announced treasury offering of class A shares and preferred shares (the "Class A Shares" and "Preferred Shares", respectively) for aggregate gross...

at 09:05
Origin Gold Corporation ("Origin Gold" or the "Company") has granted an aggregate of 650,000 stock options to certain consultants and a director of the Company pursuant to the Company's stock option plan. The stock options vest immediately and may...

at 08:35
Pieridae Energy Limited ("Pieridae" or the "Company") (PEA - TSXV) today announced the re-election of Mr. Myron A. Tétreault, Mr. Alfred Sorensen, Mr. Charles Boulanger, Mr. Andrew Judson, Mr. Kjell Pedersen, Mr. Charle Gamba and Mr. Mark Horrox as...

at 08:35
Datametrex AI Limited (the "Company" or "Datametrex") is pleased to announce its financial results for Q1, ended March 31, 2020.  Although certain projects and various sales negotiations have been postponed due to COVID-19 outbreaks, the Company...

at 08:20
Ralph Lauren Corporation , a global leader in the design, marketing, and distribution of premium lifestyle products, today reported earnings per diluted share of ($3.38) on a reported basis and ($0.68) on an adjusted basis, excluding...

at 08:01
New CBD brand, WILD By Nature, announced today a long-term retail partnership with AVAIL Vapor, LLC, a leading e-liquid and CBD retailer in the US. The Orange County, CA based company entered exclusively in AVAIL's 98 retail locations timed to their...



News published on 5 september 2019 at 07:30 and distributed by: