Alfa-Bank announced on Tuesday that the fee revenues in its small business segment grew 45 percent in 2013 to $58.2 million.
Alfa-Bank's monthly on-demand customer deposits grew as well, increasing 41 percent to $852 million, according to the company's 2013 performance results. The bank also experienced a 57 percent increase in its number of small business and individual entrepreneur customers.
Alfa-Bank's market share increased nearly two-fold by the end of 2013.
"For us it is important to maintain low risk level, therefore we are not striving to build up aggressively our credit portfolio," Mikhail Povaly, the head of mass business at Alfa-Bank, said. "Our anchor product is not lending, but transaction services, including those products and technologies that support our customers' day-to-day business.
Alfa Bank began working with small businesses and individual entrepreneurs in 2010. The bank's small business credit portfolio grew by 30 percent by the end of 2013.
"We want to help business develop further on, and with this in view, we focus not only on traditional banking services, but also on the creation of non-financial services, which idea was enthusiastically welcomed by our customers," Povaly said. "It covers legal support, a joint product launched with Yandex-Direct and a unique business concierge-service."
Alfa-Bank is Russia's largest private bank in terms of total assets, customer accounts, total equity and loan portfolio.
More Stories
- EUROPEAN INVESTMENT BANK: Bosnia and Herzegovina: EIB provides €340 million to advance works on northern part of Corridor Vc
- ABN AMRO SERVICES COMPANY: Fempower Your Growth: like tindering with female entrepreneurs
- EUROPEAN INVESTMENT BANK: Egypt: Team Europe - EIB and Banque Misr work together to support private businesses and speed up the recovery of SMEs from COVID-19
- ASIAN DEVELOPMENT BANK: ADB, NNS Sign Loans to Build Milestone Solar Power Project in Uzbekistan
- ASIAN DEVELOPMENT BANK: $123 Million ADB Loan to Help Build Elevated Walkways in Manila
- EUROPEAN INVESTMENT BANK: Germany: EIB provides €15 million of funding to IDnow
- ASIAN DEVELOPMENT BANK: CAREC Endorses Long-Term Strategy to Promote Safe, Sustainable, and Inclusive Tourism
- EUROPEAN INVESTMENT BANK: EIB Group provides €150 million to support artificial intelligence companies
- ASIAN DEVELOPMENT BANK: ADB Approves $430 Million to Help Rehabilitate Power Distribution Networks in Uttar Pradesh, India
- EUROPEAN INVESTMENT BANK: Greece: EIB backs EUR 470 million road safety scheme