In 2016, Russian Agricultural Bank issued more than RUB 261 billion in long-term loans to agribusiness borrowers, which is a 1.5-times growth as compared to 2015.
In 2016, Russian Agricultural Bank’s (RusAg) extended more than RUB 294 billion to small and medium-sized enterprises (SMEs). The Bank’s SME loan portfolio totaled RUB 505 billion.
On 30 January 2017, Dmitry Patrushev, Chairman of the Board and CEO of Russian Agricultural Bank, briefed Vladimir Putin, President of the Russian Federation, on the Bank’s achievements in 2016.
In 2016, Russian Agricultural Bank (RusAg) extended more than 41,000 residential mortgage loans adding up to more than RUB 65 billion. This is a 70% increase from 2015. In particular, as part of the state subsidized mortgage lending program the Bank provided more than 21,000 loans totaling RUB 35 billion.
In 2016, Russian Agricultural Bank (RusAg) achieved its key operational targets and earned profit for first time in three years. Profit after tax excluding the effects of events after the reporting date amounted to RUB 909 million. The Bank estimates that net profit including the effects of events after the reporting date will stand at RUB 0.5 billion.
In December 2016, Russian Agricultural Bank (RusAg) put into full-scale operation and successfully replicated throughout its branch network an automated system “Accounting documents electronic archive”. Thanks to the centralized installation of this platform about 90% of daily accounting reports will be stored on electronic media. This project helped to optimize the use of labour and the need for storage space.
Russian Agricultural Bank (RusAg) and Autonomous Non-Commercial Organization “The Far East Investment and Export Agency” signed a Cooperation agreement aimed at creating favourable conditions for implementation of investment projects in the Far Eastern Federal District.
The Ministry of Agriculture of the Russian Federation and Russian Agricultural Bank (RusAg) signed an agreement to join efforts for implementation of subsidized agribusiness lending program. The recently adopted procedure for subsidies provision stipulates that in 2017 partial compensations of interest rate will be allocated directly to authorized credit institutions. This innovation will enable banks to extend loans at the maximum interest rate of 5 percent p.a. and will significantly streamline the process of making state support available to agrarians.
On 21 December 2016, while on a working visit to China the representatives of Russian Agricultural Bank signed an agreement with Harbin Bank on opening a correspondent account in Chinese Yuan (CNY). This agreement marked a major joint step forward for Russian and Chinese financial institutions on the way towards increasing the use of domestic currencies for bilateral trade settlement. This task has been earlier set by Russian and Chinese Governments.
Russian Agricultural Bank (RusAg) received Cbonds Awards-2016 in the category ‘Best Primary Corporate Bond Deal’. The awarding ceremony took place at XIV Russian bond congress.