Fact sheet
CBM at a glance, key figures
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CREDIT BANK OF MOSCOW announces its IFRS results for 9M2016

Key results

  • Net income was RUB 8.3 bln ($132.1mln).
  • Net interest margin was 3.6%.
  • Return onequity and return onassets grew to11.5% and 0.9% respectively.
  • Assets grew by8.6% ytd toRUB 1,311.9 bln ($20,772.5mln).
  • Gross loan portfolio increased by3.7% ytd toRUB 653.2 bln ($10,342.2mln).
  • Ratio ofNPLs (90+days) togross loan portfolio reduced to4.8% from 5.1%.
  • Loan loss provisions dropped from 5.9% to5.6% ofgross loan portfolio.
  • Customer deposits decreased by4.7% ytd toRUB 856.7 bln ($13,564.8mln).
  • Basel III capital amounted toRUB 161.3 bln ($2,554.0mln), with the capital adequacy ratio of17.4% and Tier Iratio of10.7%.
  • Cost-to-income ratio was 23.0%.

Key financial highlights

Balance sheet 9M 2016, RUB bln 2015, RUB bln change, %
Assets 1,311.9 1,208.2 8.6
Liabilities 1,210.6 1,115.9 8.5
Equity 101.3 92.39.8
Capital (Basel III) 161.3 162.6 (0.8)
Gross loan portfolio before provisions 653.2 629.9 3.7

Key financial ratios, % 9M 2016 2015
Basel capital adequacy ratio (CAR)17.416.5
90+ NPL ratio (before provisions)4.85.1
Loan-loss provisions / Gross loans5.65.9
Net loans / deposits72.066.0

Income statement 9M 2016, RUB bln 9M 2015, RUB bln change, %

Net interest income (before provisions) 31.4 17.7 77.3
Fee and commission income9.5 6.4 47.1
Net income 8.3 1.5 443.4

Key financial ratios, % 9M 2016 9M 2015
Net interest margin (NIM) 3.6 3.5
Cost-to-income (CTI) 23.0 28.1
Return on capital (ROAE)11.5 3.0
Return on assets (ROAA) 0.9 0.3

Net income for 9months of2016 amounted toRUB 8.3 bln demonstrating asignificant growth compared toRUB 1.5 bln for 9M2015. This positive trend was due toaconsiderable increase ofnet interest income and net fee income onthe back ofquality growth ofthe Bank's business amid gradually stabilising business activity.

Net interest income was RUB 31.4 bln for 9M2016 having grown by77.3% yoy. Net interest margin for 9months of2016 grew slightly to3.6%.

Net fee income was RUB 7.9 bln for 9M2016 having grown by50.5% yoy. The fee and commission income was mainly driven bycash collection fees which accounted for 20.3% ofthe gross fee and commission income (9M2015: 15.0%) asaresult ofthe Banks acquisition ofNCO INKAKHRAN inNovember 2015.

Operating income (before provisions) grew by87.4% yoy toRUB 44.8bln. Operating expense increased by36.7% toRUB 10.1 bln due tothe growth ofstaff costs toRUB 5.7 bln and growth ofsome administrative expense items mainly caused bythe acquisition ofINKAKHRAN. The Bank demonstrates high operational efficiency: its CTI ratio remains atthe all-time low 23.0% in3Q2016, far below 28.1% reported in3Q2015.

Gross loan portfolio (before provisions) rose 3.7% toRUB 653.2bln. The corporate loan portfolio mainly grew inthe 3rd quarter, expanding by7.3% for the 9months uptoRUB 547.2bln. The retail loan portfolio shrank by11.5% toRUB 106.0 bln asthe Bank tightened its quality criteria for new originations.

The ratio ofnon-performing loans (NPL90+) inthe gross loan portfolio decreased from 5.1% to4.8% over the 9months of2016 (1H2016: 5.0%). Loan loss provisions decreased from 5.9% ofthe Bank's gross portfolio asatend-2015 to5.6% asatthe end ofthe reporting period mainly due tothe write-off ofanumber oflarge corporate loans provisioned at100%. Cost ofrisk inthe gross loan portfolio decreased from 5.4% atthe start ofthe year to5.1% while the NPL90+ coverage ratio increased from 113.7% to116.9%.

Customer deposits reduced by4.7% for 9M2016 toRUB 856.7 bln or70.8% ofthe Bank's total liabilities.

Capital adequacy ratio calculated inaccordance with Basel III grew from 16.5% asatend-2015 to17.4% asat3Q2016. Tier Icapital ratio was 10.7%.

Infrastructure development

Asof30September 2016, CREDIT BANK OFMOSCOW had 75offices, 24stand-alone cash desks, 998ATMs and 5,473 payment terminals (31December 2015: 62, 21, 927 and 5,443respectively).

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