OREANDA-NEWS. According to 1H2013 IFRS consolidated financial statements, the assets of the Petrocommerce Banking Group increased by 8% to RUR 239.1 bln.

Priority business segments (retail and SME lending) grew at the most intensive pace. During six months of 2013, the retail loan portfolio increased by 20% to RUR 24.3 bln, while the SME loan book soared by 137% to RUR 5.1 bln. The quite modest growth of the corporate loan book (up by 3% to RUR 122.9 bln) is driven by the plans aimed at replacing large loans with smaller, generating higher margins ones. Overall, the aggregate loan portfolio of the Group edged up by 2% to RUR 177.2 bln as of 30 June 2013. The loan book accounts for 65% of the Group’s assets.

Income from factoring business went up by 13% to RUR 620 mln (yoy). According to the Association of Factoring Companies, Bank Petrocommerce ranks fifth among Russian factors by income from factoring business. Interest income from retail loans surged by 74% to RUR 1.76 bln, while interest income from corporate loans increased by 17% to RUR 6.21 bln. Overall, interest income from customer loans and advances grew by 24% to RUR 8.83 bln (yoy). Net interest income went up by 18% to RUR 4.17 bln; fee and commission income - by 6% to RUR 1.42 bln. Core revenues contributed to the growth of the Group’s gross profit by 3% to RUR 5.81 bln (excluding one-off transactions).

In 1H2013, annualised net interest margin reached 4.1%, up by 0.5 p.p. (yoy). Profit before provisions amounted to RUR 1.85 bln. Total financial result from foreign exchange operations, including FX revaluation and the result from transactions with financial derivatives, amounted to RUR 618.4 mln.

Customer accounts and deposits, which increased by 12% to RUR 172.7 bln, mainly due to corporate customer funding, were the backbone of the funding base expansion.

Liquidity indicators are at a robust level, comprising 25% of assets (17% thereof representing cash and cash equivalents) and 190% of current customer funding. The securities portfolio grew by 23% to RUR 25.0 bln (10% of assets).