OREANDA-NEWS. Otkritie Financial Corporation has released its FY 2013 IFRS financial results.

As a result of Otkritie FC taking control over the NOMOS-BANK Group in 2013, the consolidated financial statements of NOMOS-BANK were included into those of the Corporation. NOMOS-BANK's integration into Otkritie was a key milestone in creating Russia's largest private financial group. NOMOS-BANK is the holding entity of the Otkritie Banking Group that also comprises Otkritie Bank, the Bank of Khanty-Mansiysk, and the Municipal Bank of Novosibirsk. In 2014, Otkritie FC will also complete the acquisition of Petrocommerce Bank.

In 2013, the Corporation's assets increased fivefold, up to RUB 1.6 trillion.

The key component of the Corporation's assets is its loan portfolio. In 2013, the client loan portfolio (less provisions for impairment) accounted for 60% of the Corporation's assets, reaching RUB 972.6 billion (a more than sixfold increase on 2012).

NOMOS-BANK's consolidation brought an increase in performance indicators in every key client segment of the banking business. The corporate loan portfolio grew 6.9x to RUB 619.0 billion, the retail portfolio, 4.5x up to RUB 180.8 billion, and the small business loan portfolio, 4.9x to RUB 49.3 billion.

The future development strategy for the Corporation's banking business focuses on the accelerated development of the retail and small business lines and increasing their share in the loan portfolio.

Traditionally, amounts due to clients account for the largest share of the Corporation's liabilities. As at December 31, 2013, client deposits and current bank accounts accounted for 49% of the Corporation's liabilities (46% in 2012), or RUB 764.2 billion. Amounts due to corporate clients grew 5.1x to RUB 610.6 billion, and to retail clients, 3.6x to RUB 271.3 billion.

In 2013, the Corporation earned RUB 9.9 billion in profit (including NOMOS-BANK's profit for the period following its take-over the Corporation), as compared to RUB 1.0 billion in 2012.

The Corporation's operating income increased 2.8x on 2012, reaching RUB 65.6 billion. Net interest income increased 3.8x to RUB 37.9 billion, and net fee and commission income, 2.7x to RUB 9.5 billion, the key source in both cases being commercial banking.

Income from financial markets transactions increased by 44% on 2012, up to RUB 8.5 billion.

The 2013 Financial Statements of Otkritie FC also show that the Corporation has recovered some of the funds embezzled by George Urumov and his accomplices. The High Court of London awarded USD 150 million in damages to the Corporation, and the Corporation has already recovered a considerable portion of the embezzled funds under various judgments and settlement agreements.

In 2013, the Corporation's equity grew 2.8x, totalling RUB 77.5 billion. In April 2013, Otkritie FC placed an additional share issue raising RUB 30 billion. These funds were used to consolidate the controlling stake in NOMOS-BANK. The equity growth was also due to the 2013 retained earnings being included into it.