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Thursday, August 24, 2017

Bank Petrocommerce releases preliminary 2013 results

Bank Petrocommerce recently released its preliminary results for 2013 showing sustainable development in all of its target business areas.

The management account data showed growth of 6 percent in the bank's assets driven by loan portfolio growth, bringing the amount to $6.94 billion. The bank had a year-end loan portfolio of $4.59 billion, an increase of 5 percent year-on-year.

The bank saw 56 percent growth in its retail loan portfolio amounting to $870 million, outpacing the market average of 26 percent. The share of overdue loans decreased from 5.2 percent to 3.4 percent throughout 2013.

There was a 4.6-fold increase in SME lending, growing to $290 million with overdue loans accounting for less than 0.05 percent.

Factoring portfolio for the bank grew by 12 percent to $550 million.

"We intend to continue steady development of the bank in all the areas, which performed well in 2013, while enhancement and expansion of cooperation with Lukoil as its primary financial institution remain among the key objectives of the bank," President of Bank Petrocommerce Vladimir Rykunov said. "At that, as President of Lukoil Vagit Alekperov has mentioned earlier, the integration of bank Petrocommerce into Otkritie FC will boost its capacities of financing Lukoil's major investment projects and servicing the company's employees."

Rykunov said that he expects a positive financial result from last year's growth as early as the first quarter of 2014.