Ak Bars Bank’s IFRS net profit for 9M 2021 increased 1.7 times reaching RUB 4.94 bln

For 9 months of 2021, Ak Bars Bank earned IFRS net profit of RUB 4.94 bln increasing 1.7 times.

«The Bank’s financial results for the 9 months of 2021 showed growth as compared to the same period last year. The net profit of Ak Bars Bank increased almost 1.7 times — up to RUB 4.94 bln — following the positive results of the key business areas,» says Zufar Garaev, the Chairman of the Management Board.

In Q3 2021, the net profit amounted to RUB 1.95 bln against RUB 887 mln YoY.

Net interest margin increased to 3.5% from 3.1% a year earlier.

For 9 months of 2021, the net interest income increased by 22% and amounted to RUB 13 bln. Furthermore, the interest expenses show the 17.1% decrease.

Net fee & commission income for 9 months of 2021 increased by 16.3% up to RUB 3.09 bln.

Thus, in 9M 2021, the operating income increased by 22.4% YoY reaching RUB 17.9 bln. And the operating income in the third quarter was more than RUB 6.6 bln against RUB 5 bln in the same period last year.

The operating expenses increased less than the operating income and amounted to RUB 11.7 bln for the period from January to September 2021, rising by 5.5% due to higher payroll expenditures and higher software program maintenance expenditures.

Provision amount in January — September was down by 37.5% dropping to RUB 3.3 bln. The cost of risk amounted 1.7% which is lower it’s 9 months of 2020 level (3.1%). Total assets increased by 9% up to RUB 625.6 bln.

Total loan portfolio increased by 23.8% and reached RUB 321 bln at the end of September. Corporate loan portfolio increased by 24.9% up to RUB 171.5 bln, the retail portfolio increased by 22.5% up to RUB 149.5 bln.

The equity amount of Ak Bars Bank increased by 8.1% and reached RUB 86.6 bln as of 30 September 2021. For 9 months of 2021, the return on equity was 7.9%.

All news
Read the following
Audited by the Certification Association Russian Register, Ak Bars Bank has become the first Russian bank to have proven its business continuity management system to be compliant with ISO 22301 (GOST R ISO 22301).
The Bank held a tender procedure for the supply of FSC-certified copy paper.