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Otkritie Group's IFRS Net Profit Doubled

Otkritie Group's IFRS Net Profit Doubled
Photo: pixabay.com

Otkritie Banking Group has published its interim condensed consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) for 9 months of 2021. Net profit of the Otkritie Group under IFRS reached 58,7 billion rubles, having doubled compared to the same period last year.

As President - Chairman of the Board of Otkritie Bank Mikhail Zadornov told EastRussia, the return on the group's available capital reached 19,1% in 9 months and 19,4% in the third quarter of 2021. The main contribution was made by the strong dynamics of regular banking income, the volume of which increased by 40%. In the structure of operating income, the share of regular banking income was 75%.

He also noted that the group continues to increase business volumes and market share in all key segments - the loan portfolio has grown by 18% since the beginning of 2021 due to the growth of the retail loan portfolio by 30%, as well as loans to small and medium-sized businesses by 23%.

Also, according to the results of the specified period, the group retains a high quality of assets: the share of loans overdue for 90 days or more decreased to 2,9% of the loan portfolio compared to 3,1% at the beginning of the year.

As part of the development strategy, the launch of innovative products and the introduction of digital technologies into all business processes continues. In the third quarter, the bank expanded the functionality of the mobile application, and introduced new robotic services for entrepreneurs. A consolidated data processing center was put into operation for the companies of the group, which will help ensure the adaptability of infrastructure to business growth, reduce the cost of ownership of computing power and increase the availability of IT services.

The total assets of the Otkritie banking group since the beginning of 2021 have increased by 9% to 3,78 trillion rubles. The volume of assets generating interest income amounted to 2,657 trillion rubles, or 70% of the group's assets. The structure of assets is dominated by the loan portfolio, which accounts for 51%, or 1,91 trillion rubles less reserves.

Customer funds are the main source of funding for the group, with a share of 67% of the group's liabilities, or 2,165 trillion rubles, an increase of 10%. Individual funds account for 51% of the total customer funds, or RUB 1,113 trillion. The share of legal entities accounts for 49%, or 1,052 trillion rubles, as of September 30, 2021 (an increase of 20% in 9 months of 2021). In the structure of customer funds, term deposits account for 56% of the total customer funds.

Return on equity (ROTE) for 9 months of 2021 increased to 19,1% from 10,9% in the same period last year thanks to the dynamic growth of regular banking income. The group's general capital adequacy ratio (Basel III) was 30% as of September 14,4.

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