The equity grew by 32%, to RUB 17.6 bln. The loan book during the 6 months grew by 95%, to RUB 65 bln. The share of non-performing loans over 90 days past due was at 1.25%.
Due to high level of clients’ confidence, the volume of attracted deposits increased and as of 30 June 2019 stood at RUB 82 bln.
Net interest income grew by 36% to RUB 2.4 bln, while net fee income increased three-fold to RUB 621 mln.
Alexey Sannikov, Cahirman of the Management Board, said: “The first six months’ financial results are a good indicator of how the bank is developing. Both Expobank and Kurskprombank have been demonstrating sustainable growth. We continue to integrate hi-tech solutions, elaborate new business ideas, improve the quality of the services offered. The successful implementation of the chosen strategy and the acquisition of the controlling stake in Kurskprombank enabled us to expand our geographic footprint and to focus yet more on the innovative development across all our business areas”.
The Bank has been rated high by leading rating agencies. In September 2019 Fitch upgraded Expobank to ‘BB-’ from ‘B+’, Outlook Stable. In May 2019 Expert RA assigned to Expobank a credit rating of ruА-, Outlook Stable. In March 2019 Analytical Credit Rating Agency (ACRA) affirmed Expobank’s credit rating at ВВВ+(RU), revising the Outlook to Positive. Expo’s ratings reflect its high return on equity and solid liquidity cushion. Besides, analysts assume the ratings may further improve if a strategy implying a more balanced organic growth is implemented.
*IFRS consolidated financial statements, inclusive of Kurskprombank data