OREANDA-NEWS. The Supervisory Board of Otkritie Financial Corporation Bank approved its audited Consolidated Financial Statements in accordance with the International Financial Reporting Standards (IFRS) for the year ended 31 December 2015.

Net profit in 2015 increased up to RUB 6.6 billion (12.4% higher than in 2014). Return on Average Equity (RoAE) in 2015 improved to 7.7% compared to 6.2% in 2014. Revenue of the Group in 2015 amounted to RUB 99.4 billion (up by 48.1% year-on-year).

The key driver of the Group's revenue growth in 2015 was a significant increase of non-interest income (revaluation gain, including mark-to-market revaluation of the trading securities portfolio).

The Cost-Income Ratio (operating expenses to operating income before provision for impairment) declined to 44.4% for 2015 (54.8% in 2014).

Net interest margin stood at 3.8% in 2015 (4.5% in 2014).

Net interest income in 2015 amounted to RUB 49.9 billion (the decline compared to 2014 result occurred in line with higher funding costs during 2015).

Net fee and commission income in 2015 declined by 11.6% compared to 2014 result to RUB 11.7 billion.

In 2015, the Group earned RUB 36.2 billion of trading income. The significant part of trading income from operations with securities was attributable to the positive mark-to-market revaluation of the fixed income securities portfolio in 2015.