Stability and working for the future: Rosbank group financial results for 9 months 2020 according to IFRS
- 24 November
ROSBANK group feels stable in the current situation difficult for the economy in general and for the banking sector in particular.
In 9 months 2020 ROSBANK group¹ demonstrated a strong position on the market. The Group’s net profit for 9 months 2020* amounted to RUB 9,1 bln*. The Group's net profit in the 3rd quarter of 2020 amounted RUB 2,9 bln, which is 29% higher than in the 3rd quarter of 2019. At the moment, we pay special attention to supporting our clients in order to overcome possible difficulties of the current period together
Despite not favorable market conditions, the corporate business segment continued to grow strongly. In 9 months 2020 the number of corporate active clients of ROSBANK increased by more than 10%. At the same time, the corporate loan portfolio increased by 4%, trade finance portfolio increased by 24%. The portfolio of current accounts and term deposits of legal entities increased by 21%, which shows clients trust and confirms the high reliability of ROSBANK.
Rosbank is among leaders on Russian factoring market. In 9 months 2020 Rosbank keeps 2nd place in terms of the volume of international factoring transactions and 5th place in terms of factoring portfolio volume, according to the Association of Factoring Companies. Societe Generale Group, which includes Rosbank, maintains a leading position in the debt capital markets, being included in the top 5 arrangers of Eurobond issues in Russia and the CIS (according to Cbonds as of 9 months of 2020), as well as in the top 5 in terms of the volume of syndicated lending transactions in Russia and CIS (according to Cbonds as of H1 2020).
In terms of retail business ROSBANK continues to maintain leadership positions. In 9 months 2020 Rosbank keeps the fifth place (according to FRG) in the volume of retail loan portfolio. The main focus for the Bank remains collateral lending. In 9 months 2020 Rosbank increased the volume of mortgage sales by 36% compared to the same period of 2019, and keeps the 5th place in mortgage portfolio volume. The Group maintains its leading position in the car lending market, occupying the first position in terms of sales in 2020 and second place in terms of the car loan portfolio on Russian market as at the end on Q3 2020. In the 3dr quarter of 2020 Rosbank recorded an almost double growth in the share of online sales, compared to 2019, as well as the share of clients use remote banking channels increased by more than 10 p.p.
Net operating income of ROSBANK Group showed an increase for 9 months of 2020 (+8% compared to 9 months of 2019) and for Q3 2020 (+13% compared to Q3 2019).
In 9 months of 2020 net interest income showed stable growth - 6% compared to the same period of the previous year. The net result on financial operations amounted to RUB 2,9 bln, significantly exceeding the level of 9 months of 2019 (an increase of more than 90%).
Operating expenses of the Group decreased by 7% compared to 9 months previous year, as a result of the Group's targeted policy to reduce costs, increase efficiency and optimize the organizational model.
Cost of risk for 9 months 2020 amounted to RUB 12,4 bln, which is above double increase compared to 9 months 2019. The main reason for such growth remains the economic situation caused by the Covid-19 pandemic.
Key indicators of Statement of Financial position
Key indicators of Statement of Profit and Loss
1 Rosbank, Rusfinance bank and subsidiaries
* Excluding positive forex revaluation of open currency position