Center-invest Bank has presented its IFRS financial statements for 2015, audited by PricewaterhouseCoopers Audit.

Despite the negative trends in the Russian banking sector, Center-invest Bank performed well in 2015, under both Russian standards and international standards, including environmental and social responsibility requirements. Income for 2015 was RUB12.5bn (+15.2%), of which 89% came from lending to the real economy. Of this, RUB4.6bn was paid out to depositors (+41.7%), and RUB3.0bn (+27.4%) to our partners (for funding provided).

The bank improved its balance sheet structure and increased its reliability and investment appeal. At FYE 2015 the bank’s capital calculated under IFRS was RUB10.6bn (+10.6%), its assets were RUB89.6bn (-1.8%), its loan and lease portfolio stood at RUB72.3bn (+1.2%), and profits were RUB535m (under RAS, RUB1.1bn).

Customer deposits increased by a third during the accounting period, to RUB65bn (+32.2%).

The bank’s IFRS financial statements show the resilience of the transformational banking business model during the crisis conditions of 2015. Unlike speculative banks, Center-invest Bank did not raise the interest rates for existing loans. Instead, it worked with its customers to manage risks, which allowed them to both complete their projects and meet their obligations to the bank. At the same time, Center-invest Bank also met all of its own obligations to its partners, and reduced its assets in foreign currency and securities.

The fact that the bank operates primarily in southern Russia also had a positive impact on its 2015 results. Thanks its diversified economic structure, growth in southern Russia is more dynamic and stable than in most other Russian regions.

The auditor’s report is available on our website. http://www.centrinvest.ru/files/about/reports/fininternational/CIB2015_RUS.pdf