Novikombank’s assets exceeded 1 trillion rubles – Russia today Posting in CHAT: Russia Novikombank, a subsidiary bank of the Rostec State Corporation, published interim financial statements for the first quarter of 2024. The company's assets as of April 1 amounted to 1,061.8 billion rubles, which is 15.8% more than at the beginning of the year. The bank's loan portfolio increased by 19.7% to RUB 977 billion. A high-quality portfolio of loans to industrial enterprises ensured a positive financial result from the activities of the Rostec specialized bank. Profit at the end of the reporting period amounted to 8.2 billion rubles. Novikombank achieved such operating results in the 1st quarter thanks to the stability and diversification of its resource base, competent liquidity management, high level of capital adequacy and resistance to external challenges. The bank's net interest income for the reporting period exceeded 13 billion rubles. The volume of own funds increased by 10.4% – from RUB 93.1 billion. up to 102.8 billion rubles. The bank's high level of capitalization allows it to create resource support for both large industrial groups and corporations, as well as the entire chain of their cooperation, small and medium-sized enterprises. The majority of Novikombank's resource base consists of customer funds. The volume of account balances for the first quarter of 2024 increased by 16.8% to RUB 959.8 billion. Novikombank's client policy is focused on providing a full range of high-tech banking services to all segments of the financial market. The Bank allocates funds for the modernization of industrial production, the development of new technologies and products, and the launch of mass production of innovative products. In particular, the bank is a key partner of enterprises in the implementation of strategic projects in the Russian aircraft manufacturing, engine building, shipbuilding and radio-electronic industries on a national scale. Supporting enterprises that have achieved technological leadership, Novikombank centrally directs resources to its own preferential financing programs, developed jointly with the shareholder and which are in high demand among clients. In addition, Novikombank is accredited in all government mechanisms for preferential lending to industry and actively applies existing government support instruments, reducing the cost of servicing loans. Novikombank's retail business is focused on employees of corporate clients. The bank provides them with special service conditions, constantly expanding its portfolio of products and services. The volume of loans issued to individuals during the reporting period increased by 2.6%, to RUB 25 billion. The effectiveness of the bank’s development model approved by the shareholder is confirmed by the high ratings of the main Russian credit agencies at the “AA” level. At the same time, Novikombank is the only financial organization among the 100 most reliable banks in the country that has received a credit rating from all four Russian rating agencies. “Thanks to systematic decision-making, a balanced approach to risk management and adherence to the strategy approved by the shareholder, the bank constantly demonstrates growth and provides the most favorable financial conditions to key sectors of Russian industry by the bank of one of the largest employers in Russia. In Russia, we direct maximum efforts to support engineering personnel. That is why in retail we are constantly improving our portfolio of profitable products with a social focus, which helps solve the priority task of supporting the human resources potential of the Russian industry,” commented Elena. Georgieva, Chairman of the Board of Novikombank, Trustee of the Voronezh branch of the Russian SoyuzMash. Source link Source link
