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6-month net profit of Vnesheconombank down 3.3 times

RAS net profit of Vnesheconombank for H1 2014 decreased 3.3-fold to RUB 2.98 billion from RUB 9.854 billion the year before, the bank informed.

The state-owned bank's total incomes for the accounting period amounted to RUB 905.648 billion, expenses reached RUB 902.668 billion.

It will be recalled that on July 31, the European Union imposed sanctions against Vnesheconombank. The sanctions also affected Sberbank, VTB, Gazprombank, and Rosselkhozbank. The sanctions shall be effective for one year and may be revised in 3 months.

Vnesheconombank stated that the EU sanctions would not have a major impact on the group's activity.

State-owned corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank, tax number: 7750004150) was established under the Federal law of the Russian Federation "About the Bank of Development" through the reorganization of Vnesheconombank USSR in 2007. Vnesheconombank is one of development institutes focusing on the elimination of infrastructural restrictions for the economical advance, the increase of efficiency of natural resources utilization, the development of hi-tech industries, the optimal usage of the SME innovative and production capacities, the support of export of industrial products and services.

IFRS net profit of Vnesheconombank for 2013 dropped more than twice to RUB 8.5 billion. At the end of 2013, the Bank's assets amounted to RUB 3.314 trillion increasing by 13.5%.

IFRS net loss of Vnesheconombank for Q1 2014 was RUB 11.8 billion against a profit of RUB 2 billion the year before. Net interest margin increased by 0.4% year-on-year to RUB 23.1 billion. At the end of Q1 2014, the bank's assets totaled RUB 3.468 trillion increasing by 4.7% since the start of the year.

"AK&M", 15.08.2014 15:08


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