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Center-invest Bank Doubles Profits in 2016

Center-invest Bank has presented its results for 2016, based on its IFRS financial statements audited by PricewaterhouseCoopers Audit. The bank improved its balance sheet structure and increased its reliability and investment appeal. Its profits exceeded RUB1bn (+87.7%).

Despite the negative trends in the Russian banking sector, Center-invest Bank performed well in 2016, under both Russian standards and international standards, including environmental and social responsibility requirements.

Income for 2016 was RUB13.2bn (+5.8%), of which 88% came from lending to the real economy. Of this, RUB5.4bn was paid out to depositors (+16.7%), and RUB1.1bn (+62.4%) to our partners (for funding provided).

At FYE 2016 the bank’s capital calculated under IFRS was RUB11.5bn (+8.6%), its assets were RUB96.6bn (+7.7%), its loan portfolio stood at RUB73.4bn (+1.5%), and profits under IFRS were RUB1bn (+87.7%).

Customer deposits increased by 23.7% during the accounting period, to RUB80.4bn.

The fact that the bank operates primarily in southern Russia had a positive impact on its 2016 results. Thanks to its more diversified economic structure, growth in southern Russia is more dynamic and stable than in most other Russian regions.

The bank’s IFRS financial statements for 2016 confirm that its transformational banking business model is a success. The model is based on the principle of managing risks together with the customer. This allows the bank to keep its loan interest rates down even at a time of crisis, meaning that its customers can complete their development projects and repay their loans on time.

Also, in February Moody’s affirmed Center-invest Bank’s B1 rating, outlook stable. The agency noted the bank’s good cost management and its diversified loan portfolio.

The auditor’s report is available on our website: