29.08.2016
Public joint stock company Asian-Pacific Bank publishes its 1H 2016 consolidated financial statement under the International Financial Reporting Standards (IFRS)

Asian-Pacific Bank publishes 1H 2016 interim consolidated financial statement in accordance with International Financial Reporting Standards (IFRS), reviewed by KPMG.

Key results:

  • Net profit for 1H 2016 amounted RUB 1 049 mln, which corresponds to ROAE of 12.6%
  • Net fee and commission income was RUB 1 333 mln for 1H 2016
  • Operating income was RUB 6 175 mln
  • Assets reduced by 6% y-t-d to RUB 134 049 mln
  • Equity grew by 9% and amounted RUB 17 266 mln

Key Profit and Loss Indicators:

  • Net profit for 2Q 2016 was RUB 568 mln compared to net profit of RUB 480 mln of previous quarter. As a result, net profit for 1H 2016 amounted to RUB 1 049 mln in comparison with net loss of RUB 1 787 mln for 1H 2015.
  • Net interest income for 2Q 2016 was RUB 1 801 mln, remaining on the level 1Q 2016. Net interest income for 1H 2016 amounted to RUB 3 633 mln, up by 1% from RUB 3 465 mln for the same period of last year.
  • Net interest margin was 6.4% in 1H 2016.
  • Net fee and commission income for 2Q 2016 amounted RUB 747 mln, which was 28% higher compared to 1Q 2016. As a result net fee and commission income for 1H 2016 was RUB 1 333 mln against RUB 903 mln for the same period of last year. The share of net fee and commission income in operating income was 22% for 1H 2016.
  • Positive result from transactions with securities and financial instruments as at the end of 1H 2016 was RUB 442 mln compared to RUB 191 mln for 1H 2015. Also net result from operations with precious metals increased almost for 2.5 times compared to the same period of last year and amounted RUB 42 mln.
  • Operating income for 2Q 2016 decreased by 9% compared to 1Q 2016 and amounted RUB 2 944 mln. Operating income for 1H 2016 totaled RUB 6 175 mln, which is 11% higher than for 1H 2015. The increase in operating income in 1H 2016 was supported by fee and commission income.
  • General and administrative expenses for 2Q 2016 remained on the level of 1Q 2016 and amounted RUB 1 465 mln. As a result general and administrative expenses for 1H 2016 amounted RUB 2 878 mln with a slight increase in a comparison with the same period of last year. Cost-to-income ratio improved to 46.6% in 1H 2016.
  • Loan impairment charge in 2Q 2016 decreased by 36% compared to 1Q’16 and amounted RUB 765 mln, which corresponds to the cost of risk of 3.3% in 2Q 2016 compared to 5.1% in 1Q 2016. Cost of risk for 1H 2016 was 4.2% against 10.4% for 1H 2015.

Key Balance Sheet Indicators:

  • Total assets amounted RUB 134 049 mln as at June 30, 2016, a 6% decrease compared to the beginning of the year.
  • Net loans to customers increased by 3% in 1H 2016 to RUB 77 065 mln.
  • The share of non-performing loans (NPLs, 90+ day overdue) in total loan portfolio decreased to 20.3% as at the end of 1H’16 compared to 22.6% for the beginning of the year. NPL coverage ratio amounted 87% (YE 2015: 90%).
  • Customer accounts slightly decreased in 1H 2016 (-5% compared to YE 2015) mainly due to decrease in corporate customer accounts and amounted RUB 99 077 mln. The share of current accounts was 18% for 1H 2016.
  • Loans to deposits ratio slightly increased to 94% as at the end of 1H 2016.
  • Total equity (including minority interest) amounted RUB 17 266 mln as at the end of 1H 2016.
  • Capital adequacy ratio of the Group calculated in accordance with Basel III was 10.23% as at the end of 1H 2016.

Key financial indicators:

Balance, RUB mln

1H’16

2015

yt-d

2014

Assets

134 049

143 069 

(6%)

130 467

Liabilities

116 783

127 173

(8%)

115 611

Equity (incl.minority interest)

17 266

15 896

15%

14 856

Gross Loans

93 604

94 013

flat

98 719

Customer Accounts

99 077

104 027

(5%)

 

Key ratios

Share of NPLs (90+ days overdue)

20,3%

22,6%

 

15,1%

LLP/Gross Loans

18%

20%

 

13.3%

Loans-to-Deposits

94%

90%

 

117%

 

Profit & Loss, RUB mln

1H’16

1H’15

y-oy

2Q’16

1Q’16

q-o-q

Net interest income

3 633

3 584

1%

1 801

1 832

(2%)

Net fee and commission income

1 333

903

48%

747

586

28%

Net profit/(loss)

1 049

(1 787)

-

568

480

18%

General & administrative expenses

2 878

2 613

10%

1 465

1 413

4%

Key ratios

 

Net interest margin

6.4%

6.4%

 

6.4%

6.5%

 

Cost-to-income

46.6%

47.1%

 

46.6%

43.7%

 

ROAE

12.6%

(24.0%)

 

11.9%

13.7%

 

ROAA

1.5%

(2.8%)

 

1.4%

1.6%

 

Cost of Risk

4.2%

10.4%

 

3.3%

5.1%