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Bank Kuznetsky sums up financial activity results for six months of 2015

12:40 | 17.07.2015 | Economy

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Penza, 17 July 2015. PenzaNews. Bank Kuznetsky of Penza summed up the results of its financial activity over the first half of the current year.

Bank Kuznetsky sums up financial activity results for six months of 2015

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The company’s aggregate income increased by 11% up to 337.4 million rubles, while interest yields grew by 9% and fee revenue went up by 8% compared to the same period in 2014.

“The bank assets were calculated at 4.5 billion rubles as of July 1, and therefore they grew by 12% to the figure of same date last year. The capital base reached 563.2 million, 11% up thanks to last year’s profit and increased equity capital,” the press service of the institution informed PenzaNews agency.

The bank representatives also added they provided over 2 billion 400 million rubles worth of credits since the beginning of the year, and the reserves fully provide for unpaid loans: as of July 1, the current reserves are set at 243.5 million with a 49% overlap.

“Our advances portfolio is still improving: the share of unpaid loans went down to 5.77% versus 6.29% on the same date a year ago,” the press service added.

The banking institution representatives pointed out that the capital adequacy standards on July 1, 2015, exceed last year’s levels.

“In particular, H1.1. is 8.94% versus the Bank of Russia minimum of 6%; H1.2. – 8.94% versus the minimum of 5%, and H1.0. is 11.99% versus the minimum of 10% set by the law ‘On Insurance of Deposits’,” they explained.

According to the press service, the levels were calculated using the formulas developed by the bank itself.

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 2015, AK&M rating agency confirmed the bank credit rating at “B++” on the national scale with a “stable” outlook.

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