The Bank of Moscow recently announced results for small and medium-sized enterprises for the first six months of the year.
The SME credit portfolio in the first six months of 2014 amounted to $6.5 million, higher than originally estimated. The share of overdue loans in the SME credit portfolio dropped from seven percent to 4.2 percent.
SME clients' guarantee portfolio in the first half amounted to $1.2 million, up 1.3 times from the beginning of the year due largely to the Bank of Moscow's support for state and municipal SMEs, according to the bank.
In the first six months of the year, the bank extended financing for road repairs in Zelenograd, the reconstruction of utilities at the Moscow Zoo, replacement of lifting equipment in Saint Petersburg, construction of the Perm Eastern Bypass road and reconstruction of the M-53 Baikal Highway.
"We are satisfied with the results of our work during six months of 2014," Vladimir Voyeykov, a member of the board of the Bank of Moscow, said. "[Until] the end of the year we keep following optimistic forecasts, we continue to actively cooperate with SME-enterprises, using our advantage--the reliability of a state bank with an individual approach to each client and high quality service."
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