Bank Otkritie earns 9M net profit of 732 mln

Bank Otkritie published its interim abbreviated consolidated financial statement drafted to the International Financial Reporting Standards (IFRS) for January-September 2013. As of September 30, 2013 the bank’s net profit amounted to Rub 732 mln, including Rub 235 mln in 3Q.

The bank’s assets amounted to Rub 200.2 bln, up 6% against year-end 2012. The lender’s liquid assets continue to stay at the comfortable level, 22% of the aggregate assets, virtually the same as on the previous reporting date. The bulk of the bank’s assets (52%) falls to the credit portfolio. As of September 30, 2013 the lending institution’s credit portfolio reached Rub 112.3 bln. The credit portfolio has jumped 15% YTD.

Loans overdue by over 90 days accounted for 7.7% of the aggregate portfolio, up 1.1% compared to the end of 2012, while the coverage ratio rose from 88.4% to 91%. On the while, the bank’s reserve/credit portfolio ratio increased from 5.9% as of December 31, 2012 to 7%.

The bank’s operating income jumped 23% y-o-y to Rub 13.4 bln. Given the breakdown of operating income, the weight of net interest income dropped 7% to Rub 6.3 bln due to faster growth of interest payable, while net commission income climbed 2.3x to Rub 3.9 bln, including thanks to the commission fees under borrowers’ voluntary insurance.