Public joint stock company Asian-Pacific Bank published its full year 2015 consolidated financial statements under the International Financial Reporting Standards (IFRS)

Key results:

- Net profit for the fourth quarter 2015 amounted to RUB 394 million, demonstrating a significant improvement of the financial result compared to the first three quarters of 2015 (net loss RUR 1,979 million)
- Net operating income (before loan-loss provisions) amounted to RUB 6,547 million
- The Bank’s total assets increased by RUR 12,602 million compared to the beginning of the year and reached RUB 143,069 million
- The Bank’s equity as of January 01, 2016 increased by 7.0% YtD and amounted to RUB 15,896 million
- Current accounts and deposits from customers increased by 23.1% YtD and amounted to RUB 104,027 million

Net interest income after deposit insurance expenses decreased by 33.2% to RUB 6,994 million, whilst net interest margin amounted to 6.4% compared to 10.2% for the same period in 2014. Decrease in the net interest margin was impacted by raised funding costs caused by the increase of the CBR key rate in late 2014, and a decline of the loan portfolio’s share in the asset structure.

Net fee and commission income dropped by 30.7% YoY to RUB 2,259 million mainly due to lower Agency commission income on insurance.

Operating income decreased by 15.0% to RUB 12,128 million in 2015, operating expenses grew by 4.5% to RUB 5,581 million. Personnel expenses decreased by 8.3% YoY to RUB 3,236 million. Cost-to-Income ratio increased up to 46.0% compared to 37.4% in 2014. Net operating income (before LLP) amounted to RUB 6,547 million, 26.6% lower than one year before (RUB 8,926).

Cost of risk has been on a downward trend and for the fourth quarter of 2015 comprised 5.7%, which is significantly better than previous periods (12.1% for the 1st quarter 2015, 8.8% for the 2nd quarter and 8.4% for the 3d quarter). The volume of loan impairment allowance  decreased by 3.9%  to RUR 8,533 million. Whilst peak of LLP charges was already behind: so in the second half 2015 the Bank put aside  RUR 3,378 million, which was 65.5% lower than in the first half 2015.

Net financial result from operations with financial instruments, foreign currency and precious metals amounted to RUB 1,782 million compared with RUB 302 million losses in 2014. In addition, the Bank recorded a revaluation surplus of available-for-sale financial assets: RUB 425 million compared with a revaluation reverse of 393 million rubles for 2014.

Net income for the fourth quarter 2015 amounted to RUB 394 million, which was continuation of the recovery tendency (loss for the 1st quarter 2015 amounted RUB 1,252 million, 2nd quarter 2015 – RUB 535 million, 3rd quarter 2015 – RUB 191 million). Net loss of the Bank for 2015 amounted RUR 1,585 million.  Due to revaluation surplus of available-for-sale financial assets (RUB 425 million) the comprehensive loss of 2015 amounted to RUB 1,160 million (compared to RUB 344 million loss in 2014).

Loan portfolio (net of LLP) decreased by 12.5% compared with the year beginning and comprised RUB 74,915 million. Thus the retail loan portfolio decreased by 26.3% to RUB 38,909  million, and the loan portfolio to legal entities and individual entrepreneurs increased by 9.8% to RUB 36,006 million.  The share of NPLs 90+  increased to 22.6%, the ratio of NPL coverage by LLP amounted to 89.7% (88.3% at the end of 2014).

Securities portfolio, representing 19.5% of the assets, increased by 47.9% YtD and amounted RUB 27,890 million. The Bank adheres to conservative policy of investments in securities; the majority of the portfolio is government and municipal bonds, and corporate bonds with rating BB- and above (90.6% of the bond portfolio). The share of securities included into the Lombard list of the Bank of Russia is 73.7%.

Accounts and deposits of customers grew by  23.1%  to RUB 104,027 million mainly due to the increase in term deposits of retail customers (by 28.1% to RUB 69,531 million). Deposits and current accounts of legal entities and individual entrepreneurs amounted to RUB 29, 816 million, having increased by 15.3% compared with the year beginning (RUB 25,865 million). The growth of customer accounts together with reduction of the loan portfolio led to the improvement of the Loans to Deposits Ratio, which was 72.0% (101.3% as for the year beginning 2015).

The Bank's capital according to the Basel Committee requirements grew by 8.2% YtD and amounted RUB 16,550 million. Basic Capital adequacy ratio under the Russian accounting standards (RAS) amounted to 7.9%, and the capital adequacy ratio (N1.0) under RAS amounted to 11.5%.  At 2015 the Bank received additional paid-in capital from the major shareholder in amount of RUB 2,200 million, which helped to maintain a comfortable capital adequacy ratio.



  • B- (negative outlook) — long-term foreign and local currency issuer default rating (IDR)
  • B — short-term foreign currency IDR
  • BB (rus) negative outlook — national long-term rating
  • b- — viability rating
  • 5 — support rating
  • NF — support level


  • B3 (negative outlook)/NP — long-term foreign and local currency deposit
  • b3 — baseline credit assessment (BCA)
  • B2(cr)/Not Prime (cr) — Counterparty Risk Assessment (CRA)

Expert RA:

  • А (stable outlook) — high level of solvency, second sublevel

Key financials (RUB million)




Total assets

143 069

130 467

118 556

Gross loan portfolio (before impairment charges)

94 012

98 719

86 236

Customer accounts and deposits

104 027

84 498

81 370


15 896

14 856

14 590

Net interest income

7 241

10 680

8 928

Net profit for the period

(1 584)


3 113

Key ratios (%)




Net Interest margin (NIM)




Cost-to-income ratio (CTI)












NPL ratio (NPL 90+)




Cost of risk (cost of risk)1




Capital adequacy ratio2




1 Calculated as an annualized ratio of impairment losses on loans to customers for a period to average gross loan portfolio
2 Calculated as a ratio of equity of the Bank to risk-weighted assets, ratio