In 6M 2020, Russian Agricultural Bank (RusAg, the Bank) earned RUB 2.8 billion of net profit under Russian accounting standards (RAS). Net interest and commission income increased by 1.6%, compared to 1H 2019 and amounted to RUB 43.5 billion.
In the reporting period, the Bank grew its total loan book by 7.3% up to RUB 2.510 trillion. Corporate loan book amounted to RUB 2.040 trillion expanding by 8.6%; retail loans grew 2% up to RUB 470 billion.
Retail customer accounts reached RUB 2.516 trillion, rising by 1.6% during 6M 2020.
“The growing demand for lending from legal entities and individuals indicates a gradual recovery in the economic activity of clients. Now we consider it’s a key task to support the domestic agribusiness and improve the quality of the Bank’s loan portfolio,” Kirill Levin, First Deputy Chairman of the Board of RusAg, said.
In January-June 2020, the Bank disbursed RUB 742 billion in loans to agrarians (+27.4% year-on-year). Strongest growth was seen in loans to export-oriented agribusiness companies (+77.7% year-on-year – up to RUB 175.5 billion), concessional loans to agribusiness (+30.3% – up to RUB 167.7 billion), seasonal field works financing (+23.1% – up to RUB 222.9 billion).
In 6M 2020 RusAg’s loan book to agribusiness expanded 7.9% reaching RUB 1,482 billion. Loans to export-oriented agribusiness companies grew 28.8% up to RUB 290.7 billion.
Note: Financial data is under RAS