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Sovcombank said it successfully coped with the consequences of Western sanctions

Date: April 21, 2024 Time: 02:15:24

Photo: Sovcombank press service

Sovcombank’s net profit from January to March 2023 amounted to 23 billion rubles. According to representatives of the bank, the last three quarters have been successful, which allowed the credit institution to successfully cope with the negative consequences of Western sanctions. The resulting profit offset the main losses and a flexible approach to new circumstances ensured the further development of the business. Remember that Western sanctions against Sovcombank were introduced on February 25, 2022.

“Due to periodic profits and extraordinary income, the bank doubled the result of 2021, adapting to the current environment and focused on the most profitable niches. We use the period of support measures from the Central Bank to absorb losses abroad and grow in key indicators,” said Sergey Khotimsky, first vice-president of the Sovcombank board of directors.

Photo: Sovcombank press service

Since the beginning of 2023, the bank’s assets have increased to 2.3 trillion rubles, the capital has grown by 12% to 214 billion rubles. The retail loan portfolio for the first three months of this year increased by 5% and amounted to 611 billion rubles, the positive dynamics were mainly ensured by the growth of the Halva installment card portfolio and the development of secured loans. The general recovery of the Russian economy affected the corporate loan portfolio: from January to March it grew by 4% to 828 billion rubles.

In April 2023, the Analytical Credit Rating Agency (ACRA) confirmed Sovcombank’s credit rating as “stable”.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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