VEB.RF published its interim condensed consolidated IFRS financial statements as at March 31, 2019.
VEB.RF published its interim condensed consolidated financial statements as prepared in accordance with IFRS as at March 31, 2019.
VEB.RF Group’s key performance indicators for Q1 2019 are as follows:
- In Q1 2019 VEB.RF Group recognized profit of RUB 17,6 bn, as compared to the loss of RUB 21.5 bn in the corresponding period of 2018.
- Operating income went up by RUB 80.1 bn to reach RUB 40.7 bn, as compared to operating expense of RUB 39.4 bn in Q1 2018.
- The Group’s assets as at March 31, 2019 amounted to RUB 3,253.5 bn, declining by 3.2% (RUB -108.4 bn) against the beginning of the year. Asset dynamics was brought about by the reduction in loan portfolio and cash and cash equivalents.
- Loans to customers account for 46.7% of the Group’s total assets. As compared to 2018 year end loan portfolio after allowance for expected credit loss decreased by 2.7% (RUB -42.9 bn) reaching RUB 1,518.7 bn. Major factors contributing to this decrease were repayment of loans issued by VEB.RF and exchange rate fluctuation.
- In Q1 2019 there was a reversal of allowance for expected credit loss in the amount of RUB 0.7 bn.
- Total liabilities of the Group as at March 31, 2019 amounted to RUB 2,922.9 bn. The decrease against the beginning of 2019 amounted to 5.0% (RUB -154.9 bn), primarily because of a decline in amounts due to banks.
- Amounts due to banks and debt securities issued account for 49.8% of total liabilities (as at 2018 year end this share was 52.5%).
- The Group’s equity in the first quarter of 2019 went up by RUB 46.5 bn (RUB +16.4%) and as at March 31, 2019 reached RUB 330.6 bn. Net profit for the quarter and the federal budget subsidies, as part of state support measures, were the factors that positively affected equity dynamics.
- In the first quarter of 2019 VEB.RF received a subsidy from the federal budget in the form of an asset contribution of the Russian Federation of RUB 7.7 bn to compensate for costs related to the fulfillment of obligations arising from foreign borrowings in the capital markets. The whole amount of the subsidy was recognized within authorized capital.
- Also in the reporting period VEB.RF received a subsidy of RUB 9.7 bn from the federal budget as an asset contribution of the Russian Federation in order to make a contribution to the share capital of JSC Far East and Baikal Region Development Fund for the implementation of priority investment projects in the Far Eastern Federal District. The whole amount of the subsidy was recognized within additional paid-in capital.
- VEB.RF’s capital adequacy ratio (according to RAS) was 13.9% as at 01.04.2019 (11.8% as at 01.01.2019).
VEB.RF issued short-term bonds in additional placements to companies and corporations on 24, 25 and 26 April 2019.
The Bank raised 15.537 billion roubles, including 3 billion roubles from bonds with a maturity of 14 days and a coupon of 7.66% p.a., 3.33 billion roubles from bonds with a maturity of 21 days and a coupon of 7.66% p.a., and 9.207 billion roubles from bonds with a maturity of 28 days and a coupon of 7.65% p.a.
The par value of one bond is 1,000 roubles. The bonds were sold at 100% of their par value. The coupon is payable at maturity.
The arrangers of the bond issue are Gazprombank and Svyaz-Bank.
The bonds are on the Moscow Exchange’s Quotation List Level 1. The depository is National Settlement Depository.