Penza, 11 June 2015. PenzaNews. Bank Kuznetsky of Penza increased its assets up to 4 billion 209 million rubles based on June 1 levels, which is 8.4% more than a year ago, says the report on the results of the bank’s financial activities over the five months of the current year published on its website on Thursday, June 11.

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According to it, the bank’s capital base increased by 12.6% up to 571 million rubles through the year’s profits and equity capital increase.

As for the other basic parameters that had changed over the five months of 2015 against the period a year ago, the aggregate income of the bank grew by 5.3% up to 268 million rubles; interest yields went up by 7.6%; fee revenue increased by 6.3%; before-tax profits reached 4.8 million rubles compared to 0.13 million previously; and net profit was calculated at 1.7 million rubles.

Since the beginning of the year, Bank Kuznetsky provided a total of 2 billion rubles of credits to companies and private entities, with advances portfolio going up to 1 billion 995 million rubles for legal entities and 853 million for individuals, based on June 1 levels.

Based on the bank’s report, its reserves still provide for the unpaid loans: as of June 1, the credit reserves reached 224 million rubles, which is 46% more than the unpaid debt.

All the while, the quality of the advances portfolio continues to improve, with the share of unpaid loans going down to 5.4% versus 6.5% a year ago.

The capital adequacy standards situation on June 1, 2015, was calculated as such: H1.1. – 9.33% versus the Bank of Russia minimum of 6%; H1.2. – 9.33% versus the minimum of 5%; H1.0. – 12.48% versus the minimum of 10% set by the law “On Insurance of Deposits.”

All the aforementioned levels were calculated using the formulas developed by the bank itself, says the report.

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.