IFRS net profit of Bank FC Otkritie for H1 2014 grew by 1.6% to RUB 6.2 billion, the bank informed.
Total operating income of the Bank FC Otkritie group reached RUB 36.7 billion increasing by 66.9% year-on-year.
Net interest income and net fee & commission income accounted for most of the operating income growth contributing 81.7% and 17.2% of the total operating income, respectively (net of provisions for depreciation of assets and the effect of the security portfolio revaluation).
Net interest margin increased by 5.3% (5.1% in Q1 2014). Net interest income increased by 78.8% to RUB 32.3 billion, net fee & commission income by 62.5% to RUB 6.8 billion. Operating expenses increased by 5.5% to RUB 17.4 billion.
As of June 30, 2014, the bank's loan portfolio increased by 4.2% compared with December 31, 2013 reaching RUB 916 billion.
As of June 30, 2014, total liabilities of the group reached RUB 1,254.8 billion increasing by 1.2% since the start of the year. The share of customer deposits in the financing structure was 62.9% of the group's total liabilities as of June 30, 2014.
Bank FC Otkritie (tax number: 7706092528) is a universal network bank, one of the 30 largest banks of Russia. Previously called Nomos-Bank, the bank was renamed Bank FC Otkritie in June 2014. The bank's largest shareholders are ICT Group, Otkritie FC.
IFRS net profit of the bank for 2013 grew by 37% to RUB 17.3 billion.
Net profit of the bank in 2013 net of events after the balance sheet date decreased by 5.46% to RUB 6.65 billion from RUB 7.034 billion the year before. Pre-tax profit grew by 2.6% to RUB 10.19 billion from RUB 9.933 billion.