SMP Bank Group released its consolidated financial results under IFRS for 2015.
In 2015, the group's assets grew to over Rub 516.2 bln from Rub 290.1 bln in 2014. Among other factors, the group's asset growth was driven by the takeover of Investcapitalbank, as specified in a SMP Bank press release.
The total credit portfolio held by SMP Bank Group increase from nearly Rub 158 bln, as shown in the FY14 consolidated financial statement, to Rub 223.6 bln in 2015. Loans granted to big enterprises totaled Rub 163.1 bln vs. Rub 84.2 bln in 2014. SME lending rose from Rub 15.2 bln to Rub 21.5 bln.
Lending of the state-controlled sector contracted from Rub 51.6 bln to Rub 31.4 bln, in accordance with the strategy that SMP Bank Group adopted in 2015, according to which one of the priority areas of development is to increase profitability of operations, including to raise the portion of standard (corporate) loans and SME loans in the credit portfolio.
The proportion of loans 90+ days overdue in the credit portfolio increased by 2.98% to 5.51%.
SMP Bank Group's equity capital came to Rub 6.2 bln in 2015, while the group's capital in 2014 was negative (Rub -34.8 bln).
Net interest income generated by SMP Bank Group in 2015 totaled Rub 2.3 bln against Rub 165.7 mln a year ago, while net commission income amounted to Rub 1.3 bln vs. Rub 1.2 bln.
The bank said in a press release that the group's operating profit amounted to Rub 9.2 bln in 2015. According to the financial statement, total income reached roughly Rub 41.2 bln compared to Rub -49.4 bln in 2014.
The group's consolidated financial statement, apart from the report of the parent bank, SMP Bank, consists of financial statements presented by its former Latvian subsidiary, SMP Bank (now Meridian Trade Bank) until the date of replacement (May 10, 2014), and also those of subsidiary Russia-based Mosoblbank, Investment Republican Bank and Finance Business Bank as of the dates of their acquisition (the rehabilitation of these three banks with the participation of SMP Bank was announced on May 21, 2014). For the record, Mosoblbank took over Inresbank in late April 2016.
In 2015, the group's regional network comprised over 200 offices and more than 900 ATMs, SMP Bank's press release also runs.
