MDM Bank released its International Financial Reporting Standards report for 2014 on Thursday, reflecting improvement over its 2013 performance despite economic challenges that affected the Russian Federation and the surrounding area.
Assets of the bank grew by 23 percent which amounted to approximately $6.35 billion by the end of 2014. Its customer funding base saw an increase of 25 percent and its retail customer funding base grew 36 percent. Corporate accounts grew by 6 percent.
The bank also posted a net profit of approximately $10 million. Bank officials state that a restructuring of balance sheets helped them in performance in 2014.
"As evidenced by the Bank’s FY 2014 financial results, completion of the conservative balance sheet restructuring in 2013, together with the Bank’s strong funding and liquidity position, has created a robust platform well-positioned to withstand the current macro environment and support MDM’s prudent risk-driven growth strategy,” MDM Bank CEO Timur Avdeyenko said. “While we have no illusions that 2015 will be an easy year, we are well-equipped to address the challenges that lie ahead.”