Sovcombank's 1H 2019 Net Profit Hits RUB 13 Billion

MOSCOW, Sept. 5, 2019 /PRNewswire/ -- Sovcombank's net profit grew by 21.2% y-o-y. Net interest income increased by 24% to RUB 26.4 bn (billion), whilst net fee and commission income rose by 26% to RUB 11.7 bn. Equity expanded by 11% to RUB 127 bn driven by an increase in net profit and an additional RUB 6.1 bn issue of shares to foreign investors in April 2019. The Bank paid its shareholders around RUB 5.9 bn in total dividends for 6M 2019.

In recent reporting periods, the Bank has enjoyed sustainable growth across its regular lines of business. In 1H 2019, interest income was up in all lending segments, with Halva cards and the corporate segment as its top contributors (up by 225% and 74% to RUB 2.8 bn and RUB 14.7 bn, respectively).

Dmitry Gusev, Chairman of the Management Board at Sovcombank: "In recent years, the Bank boosted the share of income from regular business operations by both tapping into new low-risk lending segments (mortgages and car loans) and growing the share of fee and commission income. To increase resilience to market and macroeconomic risks, the Bank reduced its reliance on one-off gains and diversified its business. This will pave the way for stable and predictable growth supported by the Bank' strong financials and flexibility needed to withstand high market volatility."

Sovcombank PJSC is a universal bank ranking among Top 20 Russian banks, with RUB 975 bn in assets under the IFRS. The bank employs 16,000 employees in 3,000 branches and offices in 75 regions, located in 1,027 towns of the Russian Federation.

SOURCE Sovcombank