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SDM-Bank reported the 3Q2016 financial results according to Russian Accounting Standards (RAS)

30.11.2016

The bank's assets rose 6.2% to RUB 49.9 billion. The loans compared to 2Q2016 quarter increased by 3.58% to RUB21.3 billion. The customer accounts grew 5.86% in 3Q2016 compared to 2Q2016 and totaled RUB41.8 billion with the retail accounts of RUB27.5 billion (7.88% growth) and the business accounts of RUB13.5 billion (6.24% growth). As of October 1, 2016 the bank maintains 109,958 retail accounts and 19,568 business accounts.

SDM-Bank net profit for 9 months amounted to RUB1.1 billion while for the 12 months of 2015 the net profit was RUB 873 million.

Maxim Solntsev, SDM-Bank CEO commented that the third quarter was in line with the bank’s expectations: we not only succeeded to increase the assets, but also improved the asset quality. This was confirmed by Fitch rating upgrade from B + to BB- in October 2016. Fitch viewed the quality of SDM's exposures as adequate and outlined low level of NPLs, as well as hard collateral to cover exposure. We again benefited from our strategy and servicing small and medium business: the bank's business continued its stable development despite the financial turmoil.

In December we celebrate the 25th anniversary of SDM-Bank, and we are proud that the Bank has approached the anniversary in excellent financial standing and expects its highest profit record as of the 2016 year end.

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