OREANDA-NEWS. April 01, 2013. ZENIT Banking Group, one of the leading financial institutions providing comprehensive services on the Russian market, announces its IFRS audited consolidated financial results for the year ended 31 December, 2012.

KEY 2012 FIGURES

Total assets of ZENIT Banking Group increased by 5.7% to RUR 260.9 billion;

Loan portfolio increased by RUR 12.6 billion (7.7%) to RUR 176.9  billion.

In 2012, customer accounts grew by RUR 10.4 billion, or 7.3%, to reach RUR 152.6  billion;

The growth in the loan portfolio yielded an increase in the net interest income of 4.4% to RUR 7.8 billion. Net fee and commission income rose by 5.4% to RUR 3.9 billion;

The net revenues of ZENIT Banking Group rose by 6.5% compared with 2011, to RUR 11 billion;

The continuing development of the customer service infrastructure carried out by ZENIT Banking Group led to the increase in operating expenses  by 11.3%, to reach RUR 7.6 billion;

Net profit for 2012 amounted to RUR 2.7 billion which is 5.5% higher than in 2011.

Commenting on the year-end results, Kirill Shpigun, Chairman of the Management board of OJSC Bank ZENIT, noted: “For 2012 we set the goals of maintaining financial stability and raising the effectiveness of ZENIT Banking Group operations. Beside that, modernization of banking network and infrastructure and development of sales and customer service technologies were also in the focus of our attention.

On the back of the global and Russia-specific macroeconomic factors which determined the tendencies of the Russian banking system development in 2012, we have a positive view of the results achieved. First of all, of the active development of retail business which demonstrated a 43.7% growth of loan portfolio and a 12% growth of deposits. Achievements of the Banking Group in Private Banking were noted at the international level. In November 2012 OJSC Bank ZENIT became the first Russian financial institution to receive an award from the prestigious Global Private Banking Awards, and following the contest results was named the Best Private Bank in Russia in 2012. On the whole, the steadily strong financial position and profitability of ZENIT Banking Group throughout the whole history of its operations confirm the robustness of our strategy and allow us to face the future with confidence.

Taking into consideration the macroeconomic outlook for this year and regulatory pressure, which constraints the development of banking business, ZENIT Banking Group sets a conservative growth of key parameters of its business  as a strategic goal for 2013. We will continue to improve the quality of our services, develop the up-to-date remote banking services channels and will carry on optimization of regional network.”