Russian Agricultural Bank (RusAg, the Group) announces its interim condensed consolidated financial results for 9M 2019 according to International Financial Reporting Standards (IFRS).
In 10M 2019, Russian Agricultural Bank (RusAg) earned RUB 13.8 billion under Russian accounting standards. The part of profits eligible for inclusion in the Bank’s capital under the Bank of Russia requirements added up to RUB 4.8 billion.
In 10M 2019 Russian Agricultural Bank (RusAg) provided over RUB 309 billion for seasonal field works, which is a 11% growth year-on-year. More than 80% of these loans are priced at subsidized interest rates. Since the start of 2019, the Bank has made available more than RUB 102 billion for these purposes with the interest rate capped at 5%.
Russian Agricultural Bank’s (RusAg) client ‘Soya ANK’ LLC, based in the Amur region, has launched shipments of refined soybean oil to the Republic of Korea. Currently, the second lot in the amount of 60 tonnes is prepared for dispatch.
In 9M 2019 Russian Agricultural Bank (RusAg) grew its total loan book by 7.0% up to more than RUB 2.3 trillion. Corporate loan book totaled RUB 1.86 trillion expanding by 7.2%, retail loans added 6.2% reaching RUB 448 billion. In 9M 2019 Russian Agricultural Bank earned RUB 9.5 billion under Russian accounting standards as compared to RUB 5.1 billion a year earlier. The part of profits eligible for inclusion in the Bank’s capital under the Bank of Russia requirements added up to RUB 2.1 billion.
Speaking at the roundtable hosted by Russia Agricultural Bank (RusAg) and the Russian National Committee of the International Chamber of Commerce - World Business Organization (ICC Russia), Maxim Lyubomudrov, Deputy Chairman of the Board at RusAg, said that the Bank intends to check export maturity of 50 companies before the start of 2020.
In the framework of the ‘Golden Autumn’ Exhibition Russian Agricultural Bank (RusAg) and National Research University - Higher School of Economics (HSE) have launched a joint project and for the first time presented a research of global agribusiness trends in three sub-segments. The research includes studies of grain as the key export commodity for Russia, oil-and-fat products as a strong driver for export supplies, and rural areas development via unlocking the value of human capital.
On October 11, 2019, as part of the 21st ‘Golden Autumn’ Exhibition Boris Listov, Chairman of the Board and CEO of Russian Agricultural Bank (RusAg), announced the launch of a scholarship program for students of 54 higher educational establishments for the 2019/2020 academic year.
Russian Agricultural Bank (RusAg) acted as the general sponsor of the I International Agribusiness Forum (IAF-2019) that began work on October 9, 2019 in Moscow at VDNKH. The plenary session was inaugurated by a welcoming speech given by Prime Minister of the Russian Federation Dmitry Medvedev.
In 8 months of 2019, Russian Agricultural Bank earned RUB 11.4 billion under Russian accounting standards which is a 2.4x times growth year-on-year.