Page 98 - RusRPTSept21

The group’s revenue (operating income before impairment of assets) for 1H21 increased to RUB100bn, up by 23% y/y. Operating expenses grew by 6%, resulting in a reduction of the cost-to-income ratio (CIR) from 59% in 1H 2020 to 51% in 1H21. In addition to rising costs, the cost of risk (COR) was 0.5% for 1H21, a significant decrease y/y from 1.6% in 1H 2020.
According to the bank’s own balance sheet, the Group’s total assets grew by 6% and reached RUB3,684bn as of June 30, 2021, with working assets comprising RUB2,552bn or 69% of the total, the bank said in a statement.
The gross loan portfolio grew by 11% to RUB1,900bn as of June 30, 2021, mainly due to significant growth of lending to individuals and SMEs.
The group has increased its volume of loans granted to SME borrowers in 1H 2021, growing by 65% year-on-year to RUB81bn. The number of active SME customers of Otkritie bank and Tochka bank reached 528,000 as of June 30, 2021.
Customer deposits and accounts are the core source of the group’s funding structure, accounting for 66% of total liabilities or RUB2,086bn as of June 30, 2021, up by 6% in 1H 2021.
The total capital adequacy ratio (Basel III) as of June 30, 2021, amounted to 14.5% (15.3% as of December 31, 2020) due to continuing growth of the group’s business and risk weighted assets (RWA). RWA and regulatory capital grew by 10% and 4% to RUB 3.1 trillion and RUB452bn as of June 30, 2021, the bank reports.
Moscow Exchange (MOEX) released 2Q21 IFRS results. In 2Q21, MOEX acquired 70% of INGURU, an e-commerce platform for insurance and other financial products. Besides, Rb0.6bn insurance proceeds, attributable to grain case of 2019 contributed.
•Fees strong, despite elevated base of last year, with Rb9.9bn (+24% y/y; +7% q/q) – 2%/3% beat to BCSe/consensus, driven by solid MM (+42% y/y), Depositary & Settlement (+32% y/y), Equities (+23% y/y) and derivatives (+23% y/y), while FI and FX came subdued with -6% y/y and +0.8% y/y respectively.
98 RUSSIA Country Report September 2021 www.intellinews.com