Alfa Bank recently released its 2013 performance results, reporting its year-end portfolio of $1.13 billion, a 60 percent increase over the previous year.
Alfa Bank also saw a 41 percent increase in the assigned receivables turnover, reaching $6.51 billion. Financing paid to customers grew 43 percent to $5.3 billion.
"Alfa-Bank continues active development and rendering of factoring services to its customers in a variety of economy sectors, working with different level customers. According to the Association of Factors Alfa-Bank's key figures in terms of its portfolio, turnover and volume of financing outperformed factoring services growth rate in our country at year-end 2013. Alfa-Bank is keeping a stable hold of its leadership positions in the market of factoring services and makes the top three among largest factors in Russia," Leonid Kultygin, the head of factoring at Alfa-Bank, said.
Alfa Bank attracted 188 new factoring customers in 2013 and provided factoring financing to 551 customers while commencing working with more than 150 new debtors. Alfa Bank saw an increase of 36 percent in the processing of supplies in 2013 compared with 2012.
Alfa Bank also introduced e-factoring through Alfa-Factor online last year in order to speed up the process of providing financing to customers while minimizing the operating costs related to the delivery and processing of shipping original documents.
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