Sovcombank’s IFRS net profit increased by 1,7x to RUB 30.1 bn in 2019

Key highlights from 2019

Key highlights from 2019:

  • IFRS net profit increased by 1.7x y-o-y to RUB 30.1 BN (FY 2018: RUB 17.5 BN)
  • Assets grew by 17% to RUB 1,136 BN (31 December 2018: RUB 967 BN)
  • Customer base went up by 41% to 6.5 M (31 December 2018: 4.6 M)
  • Capital increased by 22% to RUB 139 BN (31 December 2018: RUB 114 BN)
  • Over 2018–2020, the Bank increased its capital buffer through internal net income generation, investments of USD 200 M from a consortium of international investment funds and two subordinated Eurobond issues: Tier 2 of USD 300 M in October 2019 and Tier 1 of USD 300 M in February 2020
  • The Bank’s liquidity cushion (a ratio of liquid assets to total liabilities) reached a record high of 42% as at 31 December 2019
  • In 2019, four rating agencies upgraded Sovcombank’s ratings

Publication date: 7 April 2020