In accordance with Russian Accounting Standards (RAS), Promsvyazbank (PSB) announced the preliminary results of its financial performance for the first quarter of the year on Friday.
The bank stated that they are continuing to optimize banking performance and operations as well as loss mitigation. With these strategies in mind, the bank took part in increased provisioning activity, by 32 percent. The bank claimed this will likely allow them to be able to withstand external macroeconomic forces.
The bank reported net losses of approximately $16.8 million, as opposed to seeing the growth of $39.3 million that occurred during the same period in 2014. This was due to a decrease in margin of net interest, with an increase in cost funding, while closing the fourth quarter this past year.
Net interest income fell by 37 percent. Despite this, the bank saw growth in net fee and commission income of eight percent over the first quarter of 2014.