JSC Belagroprombank demonstrates steady development: performance results of 1H 2016

Belagroprombank has published its Interim Consolidated Financial Statements for the period ended June 30th, 2016 prepared in accordance with IFRS.

We are happy to announce that in the reporting period the Bank demonstrated the stable financial performance. Net profit gained in 1H 2016 totaled BYR 56.7 bn (USD 2.8 mln) supported by growth of net interest income before allowance for impairment of interest bearing assets as well as by growth of net fee and commission income.

In the reporting period the Bank continued to maintain a strong balance sheet and solid capital ratios. As of June 30th, 2016 total equity of JSC “Belagroprombank” amounted to BYR 14.1 trln. (USD 705 mln). The assets of the Bank increased by BYR 8.3 trln. (an increase of 9%) to BYR 98.1 trln. (USD 4.9 bn) as of June 30th, 2016. Tier 1 capital adequacy ratio calculated in accordance with norms of the Basel, made up high 15.3% as of 6 months 2016.

The Bank’s loan book portfolio did not heavily changed during 1H 2016 and amounted BYR 62.5 trln. (USD 3.1 bn). In the meantime the effective provisioning rate is 5.63% of the total loan book on June 30th, 2016 versus 5.58% at the end of 2015.

In the reporting period the Bank continued to develop its corporate, retail and international businesses. In the first half of 2016 the Bank raised the volume of the customer accounts by 7% to BYR 55.4 trln. (USD 2.8 bn) which make more than 65% of the total Bank’s liabilities.

During the first 6 months of 2016 Bank implemented two outstanding transactions raising two Syndicated Facilities from its valued partners from Europe and Russia for the total amount of around USD 220 mln in equivalent. Successful closing of these two deals confirms the reputation of JSC "Belagroprombank" as a reliable and transparent partner on the international markets, and also demonstrates the professionalism of the Bank’s team and the confidence of partners in the Bank’s stability and ability to unconditionally fulfill its obligations. The total volume of external borrowings exceeded USD 510 mln in equivalent.