Brief Comments on SG Russia Financial Results in Q2 2016
SG Russia entities continue to improve its performance in Q2 2016 reducing its loss to EUR -12 million* as compared to Q1 2016 (EUR -18m) and Q2 15 (EUR -43 million).
Rosbank and its subsidiary banks Rusfinance Bank and DeltaCredit Bank (Rosbank Group), representing the major part of SG Russia perimeter, continue to demonstrate regulatory ratios among the best in Russia. Solvency ratios (N1) as of July, 1, 2016: Rosbank at 15.04%, Rusfinance Bank at 16.77% and DeltaCredit Bank at 11.85% (vs. 8% regulatory minimum).
The dynamic of our business results evolution will be disclosed in Rosbank Group IFRS results by the end of August 2016.
In the first half of 2016 Societe Generale Group became the new member of the Foreign Investment Advisory Council (FIAC) in Russia. The Council is supervised by the Russian Prime Minister. The FIAC consists of international companies working in the country’s most important industries and taking part in the process of reforming the Russian economy, as well as helping to build a positive image of the Russian Federation in order to increase its attractiveness to investors.
SG Group pursues its commitment in Russia with all entities to continue to adapt their business to meet current constraints within Russian economy and shares expectations for progressive improvement of macroeconomic situation in Russia.
* SG Russia’s result: contribution of Rosbank, Delta Credit Bank, Rusfinance Bank, Societe Generale Insurance, ALD Automotive and their consolidated subsidiaries to the results of SG Group.