OREANDA-NEWS. April 07, 2014. 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, 2013.


Total assets of ZENIT Banking Group increased by 14.9% to RUR 299.9 billion. The growth rate of assets was more than 2.5 times higher than in 2012 (5.7%);

Loan portfolio grew by RUR 22.7 billion (12.8%) to RUR 199.6 billion;

In 2013, customer accounts increased by RUR 21.8 billion, or 14.3%, to reach RUR 174.4 billion. This indicator was growing two times faster than in 2012 (7.3%);

Loan portfolio growth yielded an increase in the net interest income of 6.3% to RUR 8.2 billion;
Compared with 2012, the net revenues of ZENIT Banking Group decreased by 3.9%, to RUR 10.6 billion;

Net profit for 2013 amounted to RUR 2.3 billion which is 15.1% lower than in 2012. Main factors behind this decrease were intensified pressure on the margin of interest-bearing instruments as well as lower income from securities operations;

Tier 1 capital rose by 13.6% to RUR 28.7 billion.

"ZENIT Banking Group set a conservative growth of key parameters of its business as a strategic goal for 2013 taking into consideration remaining high volatility on the financial markets. I have to say that in terms of key parameters of assets and liabilities the Group's business was developing in line with the Russia's banking sector. Growth rates of the Group's total assets and customer accounts were well ahead of our own results in 2012. Moreover, in 2013 Bank ZENIT became one of a few Russian financial institutions to have an upgrade of its credit rating by Fitch Ratings – to BB- – noted Kirill Shpigun, Chairman of the Management board of OJSC Bank ZENIT, commenting the 2013 results. – As well, for the second year running the Bank was named among the winners of the National Banking Awards. This time Bank ZENIT won in the category for "Lending to Companies in the Real Sector."

Macroeconomic forecasts for 2014 provide for continuing sluggish growth of the Russian economy, and it will imminently affect the banking sector in a negative way. Besides, in 2014 we will see introduction of new regulations which will further constraint development of banking business. Against this background ZENIT Banking Group will focus on preserving assets and liabilities growth rates at the 2013 level and maintaining its market positions. We will carry on work on searching internal sources to raise business efficiency"