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MDM Bank Reports Preliminary IFRS Results for 2007
18.02.2008 09:19
Moscow, 14 February 2008 – Today MDM Bank released preliminary International Financial Reporting Standard (IFRS) financial results for 2007[1]. Net attributable profit after taxation for 2007 amounted to RUB 5.6 billion, an increase of 69 percent over reported net profit for 2006. Excluding one-off capital gain booked in Q4 2007, the increase amounted to 58%.
Other highlights:
- Total assets rose by 32% y-o-y to RUB 322 billion (YE 2006: RUB 243.1 billion);
- Revenue increased by 36% y-o-y to RUB 17.8 billion[2] from RUB 13.0 billion reported for 2006 (growth of 27% on a like-for-like basis);
- Total equity grew by 45% y-o-y to RUB 39.7 billion (YE 2006: RUB 27.3 billion);
- Annualized return on average equity increased to 18.1% compared with 13.0% in 2006;
- Cost/Income ratio decreased to 48.5%[3] from 51.5% in 2006;
- Deposits/Loans ratio increased to 66.5% (YE 2006: 54.2%);
- Provision coverage of non-performing loans totalled 180% (318%, 200% and 113% for corporate, small business and retail books respectively).
Michel Perhirin, CEO of MDM Bank, commented: “I am pleased to present MDM Bank’s strong results for 2007. The bank increased its performance by all key indicators despite the current volatile market situation. We are very well positioned to continue improvements in 2008 and onwards due to our superior liquidity, capitalization and ratings.”
