Sovcombank reports net profit for three quarters

Sovcombank earned 35 billion rubles of net profit in nine months. Such data is contained in the bank's IFRS financial statements.

"The group's key indicators show improvement: expansion of net interest margin, growth in commission income and income from non—banking business, stabilization of retail risks, and increased operational efficiency," Sovcombank noted.

From January to September, the bank's revenue continued to grow, reaching 703 billion rubles. Net interest income amounted to 121 billion rubles, and net commission income - 34 billion rubles. Revenues from non-banking activities increased by 17% to 41 billion rubles. The net interest margin was 4.9%, the loan portfolio reached 2.8 trillion rubles, and the share capital reached 368 billion rubles.

Dmitry Gusev, Chairman of the Board of Sovcombank, noted the return of the financial institution to the growth trajectory. "Margins and profits have started to grow, and the cost of risk is stabilizing. The growth in the insurance and payment business is significant. Separately, I would like to note the growth of the business of electronic trading platforms. Despite already having a significant market share, it continues to grow effectively," Gusev added.

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