Lending push drives Gazprombank 1H 2011 net profit to 38.1 billion roubles

12 Oct, 2011 07:22 / Updated 13 years ago

Russian bank, Gazprombank, has posted a 1H 2011 net income of 38.1 billion roubles under IFRS.

The net result is up 16.7% from the 32.7 billion rouble net result posted for 1H 2010, as lending and fee-based business income doubled from 1H 2010 to 32.5 billion roubles, and consumer lending grew 18% over the half from 96 billion roubles at the end of 2010 to 114 billion at the end of June.  That helped offset a 2.7% fall in corporate lending to 962 billion roubles.  Gazprombank said mortgage lending comprised 69% of retail lending.Gazprombank added that a reduced funding cost and structural changes to interest earning assets had pushed 1H net interest margin to 3.6% from 1.9% a year earlier, as corporate deposits rose 3.9% to 984 billion roubles and retail deposits rose 9% to 260 billion roubles.