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Bank Kuznetsky summarized financial performance for first quarter 2015

12:15 | 14.04.2015 | Economy

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Penza, 14 April 2015. PenzaNews. Bank Kuznetsky in Penza drew up the results of its financial performance in Q1 2015 compared to the same period last year.

Bank Kuznetsky summarized financial performance for first quarter 2015

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“Total revenues increased by 32% up to 366,950,000 rubles. The interest income grew by 5%. The fee and commission income dropped by 9%. Before-tax profits were calculated at 4,098,000 rubles, while we had been losing money in Q1 last year. The net profits reached 888,000 rubles,” the press service of Bank Kuznetsky informed PenzaNews agency.

The press service added that as of April 1, 2015, the bank’s assets reached 3,757,000,000 rubles, with 568 million rubles of equity capital and 15-percent growth over first quarter of 2013.

“Capital growth is due to current year’s profits and capital increase,” the bank noted.

Since the beginning of the year, the bank provided loans worth more than 923 million rubles to companies and individuals, the press service explained.

“As of April 1, 2015, the loan portfolio reached over 1,756,000,000 rubles for legal entities, and 843 million rubles for individuals,” the press service of Bank Kuznetsky said.

The institution also drew attention to the fact that there is still a sufficient level of coverage of overdue debt reserves: as of April 1, 2015, loan provisions amounted to 212,700,000 rubles and exceeded the amount of arrears by 50%.

“The quality of the loan portfolio has improved: the share of overdue loans in the loan portfolio of clients has dropped to 5.4% versus 7.07% over the same period last year,” the press service clarified.

The bank noted that the values of capital adequacy, as of April 1, are as follows: N1.1. – 10.4% versus the six-percent minimum established by the Bank of Russia; N1.2. – 10.4% (with a minimum of 5%); N1.0. – 14.02% (the minimum rate with regard to the law “On deposit insurance” is established at 10%).

The aforementioned figures have been calculated by the bank specialists.

Bank Kuznetsky was founded as a limited liability company and registered by the Bank of Russia on October 26, 1990, under No. 609. On January 19, 2012, it was transformed into OJSC Bank Kuznetsky.

On January 14, 2005, OJSC Bank Kuznetsky was included into the register of banks that are enrolled in the compulsory deposit insurance system under No. 428. In July 2014, AK&M rating agency confirmed the bank credit rating at “B++” on the national scale with a “stable” outlook.

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