Nordea Bank reported IFRS net profit of Rub 2.53 bln for January — June 2015, or 42% higher than a year ago, the lending institution said in a press release. The bank attributed a surge in net profit to higher net interest income, and also to an increase in income derived from financial derivatives.
Nordea Bank's equity rose 14% to Rub 35.36 bln in 2Q. The bank's assets came to Rub 324.25 bln, or 7% higher than in the first half of 2014.
The lender's aggregate credit portfolio expanded 22% to Rub 267.18 bln, mainly due to changes in currency exchange rates. The lender's corporate credit portfolio totaled Rub 222.75 bln, or up 26% y-o-y.
The bank's capital adequacy ratio (N1) rose from 17.53% in early July 2014 to 19.78% (as of July 1).
"Growing profit, while opex remained at the 2014 level, the high capital adequacy ratio, and also the next-to-zero portion of NPLs, a trend seen in the past few quarters, in the bank's corporate credit portfolio confirm success of our strategy aimed at enhancing operating efficiency while maintaining high business reliability," the bank's management board chairman Igor Bulantsev said. According to him, the lending institution will continue to stick to its elaborated development strategy in 3Q.
