Rosselkhozbank’s net profit for the first quarter of 2023 was twice the figure for the whole of 2022
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Rosselkhozbank’s net profit under IFRS in the first quarter of 2023 amounted to 10.9 billion rubles, according to the bank’s statements (.zip). The rate is more than double result for the entire last year (5 billion rubles). In January-March 2023, the bank’s assets grew by 5% and exceeded RUB 4.7 trillion.
Deposits and balances on customer accounts grew to RUB 3.67 trillion in the first quarter. (by 9.3%). The funds of legal entities, taking into account government agencies, increased to 1.990 trillion rubles. (by 17.1%), current accounts and deposits of individuals – up to 1.686 (by 1.4%). The loan portfolio before provisions amounted to 3.484 trillion rubles. The ratio of loans to deposits by the end of the first quarter of 2023 was 95%.
Net interest income for January-March 2023 amounted to 29.7 billion rubles, net fee and commission income – 4.6 billion rubles. The ratio of operating expenses to net operating income before provisions for the period was 50%.
Rosselkhozbank (100% owned by the Federal Property Management Agency) is disconnected from SWIFT. Moscow seeks reconnecting the bank to the system as part of negotiations on a grain deal between the Russian Federation, Ukraine, Turkey and the UN.
More about this – in the publication “Kommersant” “Wheat floats on”.
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