TransCreditBank, Russian transport and railway Bank, has posted 1H 2011 net profit of 3.1 billion roubles under IFRS.
The bottom line was up almost 11.6% year on year, with net interest income growing 36.9% to 9 billion roubles from 6.6 billion roubles in 1H 2010, with assets increasing 9.2% year on year to 426.9 billion roubles.The gross loan portfolio increased 37.6% year on year to reach426.9 billion roubles, which was coupled with its quality improving during the reporting period with the NPL ratio falling to 2.9% of gross loans from 3.6% a year earlier. The bank said growing income from its core activities – with net interest income and net fee and commission income up 34.6% year on year in 1H 2011 – underpinned the results with TransCreditBank Vice President Oleg Panarin pointing to the rebound in lending. “Highlights of the second quarter 2011 include a rapid growth of loan portfolio and core income. The Bank achieved a double-digit growth of its loan book, with corporate portfolio increasing by 24% and retail portfolio by 12% in the quarter.”