The retail business of Alfa-Bank, the leading private bank in Russia, showed strong growth in the first half of 2013, the bank announced on Monday.
Alfa-Bank's loan portfolio reached $5.6 trillion, a year-on-year increase of 60 percent. The retail business accounts for 52 percent of the bank's operating profit.
Alfa-Bank's credit card portfolio increased by 36 percent to $1.4 billion, compared to a growth of 25 percent for the Russian credit card market as a whole. Its market share exceeded 5 percent.
In consumer lending, the bank issued $858 million in the first half of 2013, a year-on-year increase of 36 percent. The cash loan portfolio grew by 24 percent to $2.5 billion.
Time deposits during the period grew by 14 percent, compared to a growth of 11 percent for the market as a whole.
"Results from the first half of 2013 show an increased demand for retail products and services of the bank, and the classic credit products, and remote banking channels. The figures for this period also show a significant increase in business and maintaining high rates of growth of the loan portfolio. Retail business of Alfa-Bank has demonstrated strong growth in all business segments, surpassing many targets, and in some segments ahead of the market," Alexey Korovin, the head of Alfa-Bank's retail business, said. "Our goal is to grow by about 20-30 percent faster than the market in all key areas of retail business."
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