OREANDA-NEWS. July 22, 2011. BANK URALSIB (OJSC “URALSIB” or the Bank) (RTS: USBN) reports on IIQ and 6M2011 financial results under Russian Accounting Standards (RAS)1.

The Bank’s net income reached 2.7 bln rubles in IH2011, pre-tax income amounted to 3.9 bln rubles.

 

Selected Income Statement Items

6M11

IIQ11

IQ11

Change
IIQ2011 /IQ2011

RUB mln

 

 

 

 

Net interest income

7,606

4,068

3,538

15.0%

Net fee and commission income

3,355

1,755

1,600

9.6%

Net gains from operations with securities

872

315

557

-43.4%

Net gains from operations with foreign currencies and precious metals

669

467

202

131.2%

Other non-interest income

92

-8

100

-

Allowance recovery

1,127

942

185

409.2%

Net operating income

13,721

7,539

6,182

22.0%

Net operating expenses

9,844

5,553

4,291

29.4%

Pre-tax income

3,877

1,986

1,891

5.0%

Net income

2,657

921

1,736

-46.9%

Net interest income and net fee and commission income increased by 15.0% and by 9.6% in IIQ2011 vs IQ2011 respectively. Net interest income amounted to 7.6 bln rubles, net fee and commission income - 3.6 bln rubles in IH2011.

Allowance recovery amounted to 1.1 bln rubles in IH2011.

Net gains from operations with foreign currencies and precious metals also demonstrated a positive trend and amounted to 669 mln rubles in IH2011.

Thus, net operating income increased by 22.0% in IIQ2011 vs IQ2011 and reached 13.7 billion rubles for IH2011.

Net operating expenses/ net operating income (before allowance recovery income) ratio amounted to 78.2% in IH2011.

Net income decrease in IIQ2011 was caused by payment order of income tax. High income tax basis in IQ2011 increased advanced payments in IIQ2011, and this together with final payment for IQ2011 increased the total amount of income tax payment from 155 mln rubles in IQ2011 to 1.1 bln rubles in IIQ2011. 

1calculations are done in accordance with URALSIB’s internal methodology.

Selected Balance Sheet Items

30.06.2011

31.12.2010

Change
30.06.2011/
31.12.2010

RUB mln

 

 

 

Assets

414,504

408,648

1.4%

Net loans

261,830

251,066

4.3%

     Total loans

278,497

273,577

1.8%

     Interbank loans

28,442

52,420

-45.7%

     Loan portfolio (gross)

250,054

221,157

13.1%

     Loans to corporates

180,691

153,061

18.1%

     Loans to individuals

69,363

68,096

1.9%

Promissory notes

9,251

3,840

140.9%

Allowances for loan loss provisions

-25,917

-26,351

-1.6%

Securities portfolio

86,744

91,235

-4.9%

Customer accounts:

272,981

293,937

-7.1%

     Corporate accounts

151,276

176,129

-14.1%

     Individual accounts

121,705

117,807

3.3%

Equity

45,150

45,389

-0.5%

The Bank’s assets grew up by 1.4% to 414.5 bln rubles during the reporting period (31.12.2010 – 30.06.2011).

In view of short-term interbank lending decrease, the Bank ensured sustained growth of customer’s loan portfolio. Loan portfolio reached 250.1 bln rubles (growth by 13.1%). Loans to individuals increased to 69.4 bln rubles (by 1.9%), and loans to corporate clients reached 180.7 bln rubles (growth by 18.1% y-t-d).

Loan portfolio–to-customer accounts ratio amounted to 91.6% as of 30.06.2011.

Customer accounts as of 30.06.2011 reached 273.0 bln rubles, showing positive dynamics during IIQ2011 (growth by 4.9%). Individual accounts growth rate remained at the stable level within last 6 months. Individual accounts increased by 3.3% y-t-d and reached 121.7 bln rubles. Corporate accounts showed high volatility within IH2011, demonstrating reduction by 14.1% to 151.3 bln rubles. Thus in June corporate accounts have increased by 6.1 % m-o-m.

Total regulatory capital under CBR methodology amounted to 52.4 bln rubles as of 01.07.2011. The capital adequacy ratio (N1) reached 12.9% as of 01.07.2011.

Total equity reduction was caused by dividend payment to the Bank’s shareholders.

1 Numbers are calculated in accordance with URALSIB internal methodology