The 1H 2012 results of OJSC Nordea Bank

18.07.2012

The 1H 2012 results of OJSC Nordea Bank

In 1H 2012 the majority of key performance indicators of OJSC Nordea Bank grew

Capital of OJSC Nordea Bank at the end of 2Q 2012 amounted to RUB 31.19 bn and grew by 5.4% year-on-year. Assets grew by 35.5% up to RUB 269.16 bn and total credit portfolio grew y-o-y by 52. 9 % up to RUB 240.18 bn.

Loans advanced by the Bank to its corporate customers amounted to RUB 190.6 bn while its retail credit portfolio grew y-o-y by 27% up to RUB 16.23 bn.

Customer accounts grew by 54% up to RUB 107.87 bn.

The 1H 2012 net profit (as of 01 June 2012) of the Bank amounted to RUB 1.01 bn. A slide was due a lower interest rate margin under fresh loans advanced by the Bank which in turn was the result of a review of its business development strategy: a focus in funding was switched from borrowings from banks to customer accounts.

We focus on a stable organic growth of our business both in wholesale and retail banking: credit portfolio and customer accounts grew in 1H 2012. We also manage to keep our operating expenses at the level of 2011 or even to cut them slightly in spite of the inflationary pressure. It means that the overall efficiency of our business has grown. Due to our meticulous pursuance of our strategy we are one of the few banks operating in the Russian market which continue to grow and to develop further,’ said Igor Bulantsev, Chairman of the Management Board of OJSC Nordea Bank.

Q2 2012 as compared to Q2 2011 results (and Q2 2012 as compared to the annual 2011 results)

  • Capital grew by 5.4% (a 2.1% growth);
  • Assets grew by 35.5%(a 1.9% fall);
  • Credit portfolio grew by 52.9%, including a 44% growth in the loans advanced to corporate customers and a 27% growth in the loans advanced to individuals (a 15.9% growth, including a 7.6% growth in the loans advanced to corporate customers and a 1.9% growth in the loans advanced to individuals);
  • Customer accounts grew by 54%.

Key performance indicators of OJSC Nordea Bank (IFRS, billions of Roubles)

Date

01 Jul 2011

01 Jan 2012

01 Jul 2012

Capital

29.59

30.56

31.19

Assets

198.63

274.47

269.16

Credit portfolio (including amounts due by banks), including:

157.15

207.23

240.18

Loans advanced to corporate customers

132.36

177.15

190.6

Loans advanced to individuals

12.78

15.92

16.23

Customer accounts

70.05

107.85

107.87

Net profit

1.36

2.05

1.01


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