The Group’s net profit of Vnesheconombank for the first quarter of 2017 amounted to 14.0 billion roubles. “The main contributor to positive financial results were the significant reduction of expenses on creation of provisions for impairment of assets that generate interest income, to 3.2 billion rubles (compared to 176,2 billion over the same period last year), the growth of net interest income before creation of reserves, and the currency revaluation in connection with the strengthening of the ruble”, – stated in the press release of the Corporation.
Capital group for the first quarter of 2017 increased to 95.6 billion rubles (17.2 per cent) and March 31, 2017 amounted to 651,3 billion. The capital adequacy ratio (RAS) was 15.2%.
Liabilities decreased by 7.5% and amounted to 2 790.6 billion rubles. “The main factors were a decrease in liabilities for borrowed funds from banks and customers and debt securities issued due to repayment in February 2017 Eurobonds of series 5 with a total nominal value of $750 million, and the revaluation of foreign exchange liabilities,” notes WEBB.