Ak Bars Bank reports financial results for 1Q 2020 according to IFRS

01.06.2020

Ak Bars Bank completed the first quarter of 2020 with the net profit of RUB 1.03 bln.

During the 1st quarter, the Bank increased its net fee and commission income by 24.5% YoY to RUB 873 mln.

Assets

The Group’s assets showed an increase of 3.4% and amounted to RUB 570.7 bln as of 31 March, 2020.

The retail loan portfolio has increased since the beginning of the year by 3.2%, to RUB 92.6 bln (net of provision). It was mainly driven by the mortgage portfolio growth by 4.0% in the 1st quarter of 2020, to RUB 65.2 bln.

The corporate loan portfolio decreased from the beginning of the year to RUB 123.4 bln (net of provision) against RUB 144.1 bln at the end of 2019 due to weak economic activity.

Customer accounts

Customer accounts have shown growth from the beginning of 2020 by 4.2% to RUB 456.1 bln The legal entities accounts in the first quarter increased by 6.4%, individual accounts for the period didn’t change significantly.

Equity

As of 31 March, 2020, the Group’s equity decreased slightly by 4.2% to RUB 76.2 bln. The Bank and the Group continuously complies with all regulatory requirements for capital adequacy.

In conditions of self-isolation and a decrease in economic activity within a number of sectors, the Bank has timely initiated measures to support the sustainable development of the business and the well-being of employees and customers of the Bank. Currently, this suggests the absence of significant consequences for the Group.

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01.06.2020
Ak Bars Bank completed the first quarter of 2020 with the net profit of RUB 1.03 bln.
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