Rosselkhozbank increased its annual profit according to IFRS to a record 31.8 billion rubles
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The net profit of Rosselkhozbank in 2023 according to IFRS reached a record 31.8 billion rubles, which is 4.3 times more than the bank’s income since 2022, follows from data annual reporting. The bank’s interest income increased 1.8 times to RUB 129.2 billion. Net interest margin increased by 1 percentage point to 2.9%.
According to reporting data, Rosselkhozbank’s expenses on provisions for credit losses for 2023 amounted to 47 billion rubles, while in 2022 they were at the level of 42 billion rubles. The cost of risk remained unchanged at 1.2%. The corporate loan portfolio grew by 11.6%, to RUB 3.15 trillion. The retail loan portfolio of Rosselkhozbank decreased to 567.3 billion rubles. Bank client funds in 2023 increased by 8.6% and reached an amount of 3.65 trillion rubles.
Russian banks began to disclose annual reports under IFRS. Read more about this in the Kommersant article. “Banks reveal last year’s profits”.
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