RSHB net profit in the first half of the year was three times higher than the result of 2022
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Net profit of Rosselkhozbank (RSHB), the backbone for the agro-industrial complex of the Russian Federation, according to international financial reporting standards (IFRS) amounted to 15.3 billion rubles. at the end of January-June 2023. This amount exceeded the result for the whole of 2022 by more than three times, then the net profit amounted to 5 billion rubles At the same time, in the second quarter, the bank’s net profit decreased by 2.5 times compared to first – he earned 4.4 billion rubles. against 10.9 billion rubles.
As of June 30, the equity capital of the RSHB amounted to 295.4 billion rubles, having increased by 5.8% since the beginning of the year. Assets since the beginning of the year have grown to 4.56 trillion rubles. (+7%). The loan portfolio amounted to 3.59 trillion rubles. (+5.3%), the loan portfolio of legal entities increased to 3.03 trillion rubles. (7.3%). The loan portfolio of the RSHB in the agribusiness segment amounted to 2.09 trillion rubles. (+4.3%). Deposits and balances on customer accounts amounted to RUB 3.58 trillion. (+6.3%).
The decline in profit in the second quarter compared to the first in the RSHB was called technical. In the second quarter, the bank created reserves for about 9 billion rubles. under the securities of issuers that have not yet made a corporate decision to issue replacement bonds. Now the bank does not see factors that would lead to a decrease in profitability in any of the areas it develops, Konstantin Styrin, deputy chairman of the board of the RSHB, told reporters.
“While we have no doubts about the credit quality of these issuers, due to the lack of corporate decisions, we have decided to reserve these securities in IFRS reporting with a coefficient of 60-70%. These are not losses, we could not show this reserve at all, but we decided to approach this issue as conservatively as possible, ”explained Mr. Styrin (quote from Interfax).
RSHB is 100% owned by the Federal Property Management Agency, the bank is a key creditor of the Russian agro-industrial complex. RSHB is under the sanctions of the European Union and a number of other countries, it is disconnected from the international interbank SWIFT system.
Read about the activities of the RSHB in the publication of the application “Bank” “Financial ecosystem for farmers”.
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