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MDM Bank Reports 1H 2008 IFRS Results

26.08.2008 15:53

Moscow, 26 August 2008 – Today MDM Bank released reviewed International Financial Reporting Standards (IFRS) financial results for 1H 2008. Net attributable profit after taxation for the first six months of 2008 amounted to RUB 2.2 billion, down 19.8 percent y-o-y, while net attributable profit after taxation for 2Q 2008 amounted to RUB 1.5 billion, a 16.1 percent y-o-y increase compared to 2Q 2007.

Other highlights:

  • Total assets rose by 9.6% from YE 2007 to RUB 352.4 billion (YE 2007: RUB 321.5 billion);
  • Revenue increased by 8.3% y-o-y to RUB 9.4 billion vs. RUB 8.7 billion in 1H 2007;
  • Total equity grew by 5.7% from YE 2007 to RUB 41.1 billion (YE 2007: RUB 38.9 billion);
  • Annualized return on average equity (ROAE) equalled 10.8% compared with 16.6% at YE 2007;
  • Cost/Income ratio increased to 51.3% compared to 45.7% for 1H 2007;
  • Customer Accounts grew 41.4% to RUB 175.5 billion (YE 2007: RUB 124.1 billion);
  • Gross customer loans increased to RUB 207.4 billion, up 11.2% over the YE 2007 figure of RUB 186.5 billion. Small business loans grew fastest, rising 31.4% in 6 months to RUB 10.8 billion in gross loans;
  • Deposits/Loans ratio increased to 84.6% (YE 2007: 66.6%); Excluding customer accounts at Latvian Trade Bank, deposits/loans ratio was 56.2%, significantly above the 51.7% at YE 2007;
  • Provision coverage of non-performing loans totalled 131.7% (142.0% and 122.4% for the Corporate & Investment Banking and Retail Banking books respectively);
  • 17 new full-service points of sale opened during the period (181 total on reporting date, 187 as of this announcement);
  • Excess liquidity maintained at levels similar to those at the beginning of the year, despite strong growth in new lending in 2Q 2008.

The full text of the financial statements for 1H 2008 can be found here:

The 1H 2008 results call presentation will be available prior to the conference call here:

MDM Bank 1H 2008 Results Conference Call

MDM Bank will hold its 1H 2008 results conference call on Tuesday, 26 August 2008, at 5 p.m. Moscow time (2 p.m. London Time, 9 a.m. New York time).

MDM Bank management will discuss the Bank’s financial results for the six-month period ended 30 June 2008.

For registration and instructions, please go to the following link:


MDM Bank
MDM Bank was founded in December 1993 and holds a General Banking License issued by the Central Bank of Russia (#2361 dated 31 March 2008). MDM Bank is one of the most dynamically developing banks in Russia and is among the top Russian banks in terms of assets and equity. Today, MDM Bank is a modern universal financial institution offering a full range of services to its clients.
MDM has one of the highest credit ratings among privately-owned Russian banks – Standard & Poor’s (BB, stable), Fitch Ratings (BB, stable) and Moody’s (Ba1, stable) – and is the only Russian financial organization that has been given a public Corporate Governance Score by Standard & Poor’s (CGS-6+).
Standard & Poor’s awarded MDM Bank the highest ranking in its study of “Transparency and Disclosure by Russian banks” in 2006 and 2007. The Bank was also regarded by Euromoney magazine as “one of the leading banks in Russia and Emerging Europe, applying the most advanced standards of corporate governance.”
MDM Bank has received a number of awards from Global Finance magazine:
2005 – Best Domestic Bank and Editor’s Special Award for Transparency.
2006 – Best Forex Bank, Best Domestic Bank, Best Domestic M&A Arranger, and Best Bank in Corporate Governance. In October 2006, Euromoney magazine awarded MDM Bank Leading Bank in Corporate Governance in Emerging Europe.
2007 – Corporate Governance Editor’s Award, and Best Forex Bank.
2008 – Best Domestic Bond Research Team


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26.08.2008 16:03

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