BCS Bank earned RUB 287 million in 6-month IFRS net profit

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AK&M 22 September 2020 07:22

IFRS net profit of BCS Bank for 1H20 amounted to RUB 287 million. The profit growth resulted from substantial guarantee portfolio expansion (+RUB 2.7 billion). The growth is largely driven by the active development of digital financial instruments offered by Sphere, a neobank for small and medium-sized businesses. In particular, the portfolio of electronic bank guarantees provided by BCS Bank in the first half of the year increased from RUB 4.7 billion to RUB 8 billion, the bank informed.

Net fee & commission income tripled to RUB 507 million from RUB 168 million in January-June 2019.

BCS Bank is part of a Russian group of companies providing the whole range of financial services to private and institutional customers. It is also the largest Russian investment company in terms of securities transactions.