Rostec's Corporate Bank is in the Top 15 Profitable Banks in Russia

Rostec's Corporate Bank is in the Top 15 Profitable Banks in Russia

According to the Bank of Russia, Novikombank's loan portfolio increased by 18.9 billion rubles during the first quarter of 2018. At the same time, the growth in the loan portfolio of Novikombank - 11.26% - is the best result in the market during the reporting period.

The net profit of Novikombank as of April 1, 2018 was 3.3 billion rubles. This indicator grew by 2.3 billion rubles if compared to the same date in 2017. According to this index the bank entered the top 15 profitable banks of Russia.

Novikombank is also among the largest banks in terms of funds of enterprises, amounting to 253 billion rubles, and in the top 20 Russian banks with the maximum loan portfolio to enterprises. This figure rose to 186.5 billion rubles.

The bulk of loans Novikombank provides for financing the activities of enterprises in the high-tech fields of instrument and machine-tool building, aviation and automotive industry.

In particular, Novikombank is participating in the financing of the Avia Capital Services (a subsidiary of Rostec) project for the supply of prospective Russian MC-21 airliners to Aeroflot. Novikombank's agreement with Avia Capital Services implies the organization of financing in the amount of 3.8 billion dollars for the delivery of MC-21 aircraft to domestic airlines.

The business model of the basic bank of Russian industry allowed the Novikombank Group to receive a record annual profit in 2017 according to IFRS - 4.1 billion rubles.