OREANDA-NEWS. Renaissance Capital, a leading emerging- and frontier markets investment bank, has reported net profit of USD 14.09mn for FY13, compared with a loss of USD 378.24mn for FY12. Total operating income reached USD 275.37mn for the period, compared with USD 78.03mn for the previous year. Total operating expenses were USD 238.79mn, compared with USD 348.08mn for FY12. Total assets and equity stood at USD 4.31bn and USD 585.99mn, respectively, as of 31 December 2013.

“Renaissance Capital remains one of the leaders in the investment banking business and brokerage in Russia, Turkey and some of the most promising locations in Sub-Saharan Africa,” said Igor Vayn, Chief Executive Officer of Renaissance Capital. “We have successfully completed our restructuring, achieved all the goals we've announced and moved the Firm back into profitability for the first time in four years. Despite a competitive market and challenging macroeconomic landscape across the emerging markets, we're optimistic about the future of the Firm and continue to actively develop it.”

Renaissance Capital participated in five of the six Russian IPOs executed in 2013, including its most important and successful deals: the TCS Bank, Alrosa, Qiwi and Moscow Exchange transactions; as well as a USD 7bn eurobond placement for the Russian Federation. In Africa, Renaissance Capital was exclusive financial advisor on a USD 289mn Dangote Cement stake sale in Nigeria as well as on the sale of GA Angola Seguros to Colina Participations, in Angola. The Firm has also been appointed as financial adviser on one of the largest projects in Russia's Far East, Rosneft's Vostochnaya Neftechimicheskaya Company.

During the year Renaissance Capital continued to boost its already strong team with world-class professionals. Among the most important hires in 2013 were those of Benjamin Samuels, who joined the Firm as Global Head of Equities; and Robert Lamprecht, who joined as Head of African Sales, and was subsequently appointed as CEO in South Africa.