The net profit of the Alfa-Bank banking group at the level of a holding based on international financial reporting standards (IFRS) reached 38 billion rubles in the first quarter of 2023. Such data originates from the interim accounting (financial) statements of the company provided.
According to reports, the bank’s net profit according to RAS standards for the 1st quarter of 2023 amounted to 27 billion rubles. At the same time, profits were shown in all areas of the bank’s business, including retail, small, medium-sized businesses, as well as large corporate businesses.
“We continue to see rapid growth in the bank’s revenues in key business areas. Net interest income increased 1.5 times compared to the same period of 2022. Banknotes continued to grow in the number of customers: The number of retail customers increased to 26.5 million people in the first quarter of 2023, including 1 million new customers. In the statement made by the press service of the bank, it was stated that the volume of the customer base of small and medium-sized enterprises reached 1.4 million customers.
It was also noted that net loan debt increased by +6% in the first quarter of 2023, according to RAS standards. Growth is observed in both individual and corporate portfolios. At the same time, loans to small and medium enterprises, which showed an increase of 12% in the first quarter of 2023, are developing at the fastest pace.
By contrast, collateralized mortgage loans in the retail portfolio show the fastest growth, with the portfolio increasing +6% in 1Q 2023.
“The quality of the loan portfolio is at a high level. Net provision costs are decreasing compared to the first quarter of last year. The Bank fulfills its obligations to Eurobond holders whose rights are registered in the Russian payment infrastructure. At the same time, the bank continues to accrue coupons to holders whose Eurobond rights are registered in the international payment infrastructure.”
As stated in the financial statements, the bank has sufficient liquid assets, including cash, securities and other liquidity resources, to fulfill its obligations fully and on time.