26.05.2026

Russian Agricultural Bank has published interim summary consolidated financial statements for Q1 2026 in accordance with International Financial Reporting Standards (IFRS).

The Group’s net interest margin increased to 3.0%, the highest level in the past 10 years. The Group’s net interest income increased by 30.7% year-on-year and amounted to RUB 40.6 billion. RusAg Group’s net profit amounted to RUB 11.5 billion.

Key financial indicators

The Group’s net interest margin (NIM) for the first quarter of 2026 increased to 3.0% compared to 2.4% in the first quarter of 2025. This is the highest level achieved by the Group over the past 10 years. The ratio of operating expenses to net operating income before allowance for credit losses (Cost-to-Income ratio, CIR) amounted to 53% in Q1 2026.

Net interest income for the first quarter of 2026 amounted to RUB 40.6 billion, having increased by 30.7% compared to RUB 31.1 billion in Q1 2025.

The Group also ensured a significant improvement in asset quality: the share of non-performing loans (NPL90+) in the loan portfolio decreased from 2.8% as of 1 January 2026 to 1.6% as of 1 April 2026, representing the best result in the Bank’s history. Coverage of non-performing loans (NPL90+) by loan loss provisions amounted to 233.8% as of 1 April 2026 compared to 173.8% at the beginning of the year.

“In the first quarter of 2026, RusAg Group demonstrated resilient financial performance. Growth of net interest income by more than 30% and the highest net interest margin in the past 10 years confirm the sustainability of the Group’s business model even amid slower lending activity and increased regulatory requirements. At the same time, we continue to consistently expand support for the agribusiness segment, which remains a priority for the Group: since the beginning of the year, the loan portfolio of agribusiness companies has increased to RUB 2.757 trillion, while the volume of lending to export-oriented agribusiness enterprises grew by 4.2%. Priority financing of the agricultural sector and cooperation with high-quality borrowers allow the Bank to strengthen its asset structure and maintain stable financial results,” commented Olga Antonova, Deputy Chairperson of the Management Board at RusAg.

Support for the agricultural sector

The agribusiness loan portfolio increased by RUB 37 billion (+1.4%) since the beginning of the year and amounted to RUB 2.757 trillion as of 31 March 2026. The volume of agribusiness loans issued in the first quarter of 2026 amounted to RUB 344 billion, including RUB 199.5 billion allocated to seasonal work financing. The volume of loans issued to export-oriented agribusiness companies amounted to RUB 167 billion, exceeding the level of Q1 2025 by RUB 7 billion (+4.2%).

The Group’s loan portfolio (before provisions) remained at the beginning-of-year level and amounted to RUB 4.356 trillion as of 31 March 2026. The corporate loan portfolio amounted to RUB 3.867 trillion, while the retail loan portfolio amounted to RUB 488 billion.

Balance sheet and capital indicators

The Group’s assets amounted to RUB 5.634 trillion as of 31 March 2026.

The Group ensured organic growth of its funding base: customer accounts increased by RUB 27 billion (+0.6%) in Q1 2026 and amounted to RUB 4.421 trillion. Corporate customer accounts increased by RUB 53 billion (+2.6%) to RUB 2.076 trillion, while retail customer accounts decreased by RUB 26 billion (-1.1%) to RUB 2.345 trillion, in line with the Bank’s strategy aimed at diversification of funding sources.

Loan-to-deposit ratio (LTD) stood at 98.5% as of 31 March 2026.

The Group’s financial result for the first quarter of 2026 amounted to RUB 11.5 billion. The Bank maintains a sufficient capital buffer. Total capital increased by RUB 11 billion (+2.9%) compared to the beginning of the year and amounted to RUB 394.8 billion. Capital adequacy ratio H20.0 stood at 12.7% as of 1 April 2026, while H1.0 amounted to 12.9%.