Saturday, August 31, 2013

Russia – Banks publish consolidated results for 1H 2013, mostly disappointing: Alfa-Bank reports net profit of € 443 mln (-15.3% from year earlier), Gazprombank net profit of € 269 mln (+24.4%), Rosbank net profit of € 113 mln (-30.2%), Promsvyazbank net profit of € 105 mln (+17.9%), Investbank net profit of € 0.9 mln (-94.5%), while MDM, Orient Express, Russian Standard, and Petrocommerce all post losses

  

On 29-30 August 2013 a number of Russian banking groups issued consolidated IFRS financial statements for the first half of 2013.  The consolidated results published for 1H 2013 are given below.  (N.B.: As of 30 June 2013 official exchange rates were EUR 1 = RUB 42.718 and USD 1 = RUB 32.709.)


Alfa-Bank (ОАО «АЛЬФА-БАНК»), Russia’s 7th largest commercial bank by assets as of 30 June, reported for the first half of 2013 a consolidated net profit of RUB 18,913,956,000 (€ 442.8 mln, USD 578.2 mln), down 15.3% from the net profit of RUB 22,317,142,000 achieved in the year-earlier period.

Gazprombank («Газпромбанк» (ОАО)), Russia’s 3rd largest commercial bank by assets as of 30 June, reported for the first half of 2013 a consolidated net profit of RUB 11,473,000,000, up 24.4% from the net profit of RUB 9,221,000,000 achieved in the year-earlier period.

Rosbank (АКБ «РОСБАНК» (ОАО)), Russia’s 10th largest commercial bank by assets as of 30 June, reported for the first half of 2013 a consolidated net profit of RUB 4,821,000,000, down 30.2% from the net profit of RUB ­­­­­­­­­­­­6,903,000,000 achieved in the year-earlier period.

Promsvyazbank (ОАО «Промсвязьбанк»), Russia’s 9th largest commercial bank by assets as of 30 June, reported for the first half of 2013 a consolidated net profit of RUB 4,465,055,000, up 17.9% from the net profit of RUB 3,769,375,000 achieved in the year-earlier period.

Investbank (АКБ «Инвестбанк» (ОАО)), Russia’s 78th largest commercial bank by assets as of 30 June, reported for the first half of 2013 a consolidated net profit of RUB 37,086,000, down 94.5% from the net profit of RUB 672,078,000 achieved in the year-earlier period.

MDM Bank (ОАО «МДМ Банк»), Russia’s 21st largest commercial bank by assets as of 30 June, reported for the first half of 2013 a consolidated net loss of RUB 177,000,000, an improvement from the net loss of RUB ­­­­­­­­­­­­634,000,000 registered in the year-earlier period.

Orient Express Bank (ОАО «Восточный экспресс банк»), Russia’s 30th largest commercial bank by assets as of 30 June, reported for the first half of 2013 a consolidated net loss of RUB 364,536,000, compared to a net profit of RUB ­­­­­­­­­­­­2,829,838,000 achieved in the year-earlier period.

Russian Standard Bank (ЗАО «Банк Русский Стандарт»), Russia’s 18th largest commercial bank by assets as of 30 June, reported for the first half of 2013 a consolidated net loss of RUB 643,000,000, compared to a net profit of RUB ­­­­­­­­­­­­2,535,000,000 achieved in the year-earlier period.

Bank Petrocommerce (ОАО КБ «Петрокоммерц»), Russia’s 27th largest commercial bank by assets as of 30 June, reported for the first half of 2013 a consolidated net loss of RUB 1,581,801,000, compared to a net profit of RUB ­­­­­­­­­­­­706,060,000 achieved in the year-earlier period.


Totaling the figures above, it is evident that the combined net consolidated profit in 1H 2013 for the nine banks listed above was RUB 36,943,760,000, down 23.5% from the figure of RUB 48,319,493,000 for these same banks a year earlier, in 1H 2012.


Sources:
Ranking of Russian banks by assets: Рэнкинги банков