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News

27.11.2018

Net profit of the banking group Societe Generale in Russia amounted to 8.8 billion rubles for 9m 2018 according to IFRS

Net profit of the banking group Societe Generale in Russia amounted to 8.8 billion rubles for 9m 2018 according to IFRS

"In 9m 2018, the banking group Societe Generale in Russia[1] achieved significant success in implementing the development strategy for 2018-2020. Net profit of the Group in 9m 2018 exceeded the level of 9m 2017 by 26%. The Group continues to maintain its leadership in Russian retail lending market among non-state banks: for the past 9 months the volume of retail loan portfolio increased by 24% as compared to 9m 2017. Development of transaction business allowed the Group to increase its’ volume of retail current and savings accounts by 1,5 times over the past year. Also Rosbank continues to maintain its leading positions in corporate segment: in Q3 2018 Rosbank acted as organizer of syndicated loan agreements with the largest Russian companies.

The Group maintains its focus on development of digital solutions, processes optimization and improvement of customer services quality. The share of retail customers using a mobile bank for the year increased by 2 times and reached 36%. We also continue to strengthen management team and digital team of the Bank", Ilya Polyakov, Rosbank CEO, commented on the financial results.

Financial results

Net profit of the Group in 9m 2018 amounted to RUB 8,8 billion, exceeding the level of 9m 2017 by 26%. Net interest income of the Group in 9m 2018 amounted to RUB 31 billion, exceeding the level of 9m 2017 by 8%.

Net fees and commissions in 9m 2018 increased significantly by 24% as compared to 9m 2017. Net fees and commissions of the Group in 9m 2018 amounted to RUB 8,3 billion when in 9m 2017 it amounted to RUB 6,7 billion. One of the main drivers of the positive dynamics is rebound in retail lending and as a result increase in commissions paid by insurers (retail commission income increased by 50%). In addition, small and medium business commission income demonstrates a stable positive trend. Also the active work with payment systems influenced the growth.

In 9m 2018 operating expenses amounted to RUB 27 billion increasing by 4,6% as compared to the level of 9m 2017. The growth corresponds to the inflation level.

Main achievements in the retail business

In 9m 2018 the volume of retail loan production increased by 24% as compared to 9m 2017. This trend is mainly driven by the increase of consumer loan production by 40% and mortgage loan production by 34% over the same period. At the same time, the growth of loan production at points of sale is 24% in 9m 2018, which is significantly higher than the market (market growth 5,5%).

The Group continually steadily belongs to TOP-3 banks in the car lending market with stable market share 12,3%. The Group continues to maintain its position in mortgage lending market with the market share of 2,9%. Mortgage portfolio of the Group takes the 5th place by volume among all Russian banks and the largest among private-owned Russian banks.

As a result of offering competitive transaction products the Group achieved a growth of retail current and savings accounts 3 times faster than the market (28% for 9m 2018). Market share increased from 1,9% to 2,3%.

The group continued to upgrade products and services for retail customers and small businesses:

  • New product “cash loan online” was offered to payroll customers. Clients don’t have to visit the Bank’s offices, the whole process is online for clients: from sending an application to receiving money to the account. The whole process of issuing a loan takes no more than 15 minutes;
  • Rosbank launched a line of service packages for small businesses. The range of services is balanced for the most common business needs – from a small start-up business to actively developing business with a large volume of financial transactions;
  • Automated investment service “SmartInvest” became available to clients. It will help to select investment assets, predict the expected return and will fully manage the investment portfolio.

Main achievements in corporate business

Rosbank confidently holds its market positions in the largest companies segment in 9m 2018.

Rosbank acted as one of the authorized leading organizers and book runners of the loan agreement in the syndicated loan market. In Q3 2018 the following deals were organized with:

  • Ural Mining and Metallurgical Company, the largest producer of copper, zinc, coal and precious metals in the Russian Federation, in the amount of EUR 100 million;
  • PJSC "Chelyabinsk Tube-Rolling Plant" - one of the largest domestic producers of tubular products.

RB Leasing has entered a new market segment - leasing of passenger and commercial vehicles. The scoring model used by the company for assessing the lessee and the highly automated business processes will make it possible to make a decision within 2-4 business hours after the client provides the minimum package of required documents.

At the end of 9m 2018 Rosbank trade finance portfolio amounted to RUB 140 billion, which is 16,4% higher than at the end of 2017.

A detailed analysis of the financial result dynamics and the main elements of the Group’s statement of financial position are attached in the appendix below.

 

Appendix

Financial position

 

Financial results

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