Pursuant to Federal Law No. 152-FZ “On Personal Data” dated July 27, 2006, I hereby freely, of my own accord and on my behalf, authorize Gazprombank (Joint Stock Company) (hereinafter – the Bank), location: Moscow, address of the Bank’s management bodies: 16 Nametkina st., bldg. 1, 117420, Moscow, to process my personal data specified in this application (collection, recording, systematization, accumulation, storage, modification (updating and revision), retrieval, use, transfer, depersonalization, blocking and destruction) with/without the use of automation tools in order to process this electronic application and send/provide a reply.

Consent is provided from the date on which this application is processed and shall be valid for the period specified in the current legislation of the Russian Federation.

I have been notified that Consent to Personal Data Processing may be revoked in accordance with Part 2, Article 9 of Federal Law No. 152-FZ “On Personal Data” dated July 27, 2006. In case of withdrawal of Consent for Personal Data Processing, the Bank shall be entitled to continue processing personal data without my consent if there are grounds specified in clauses 2-11, Part 1, Article 6, Part 2, Article 10 and Part 2, Article 11 of Federal Law No. 152-FZ “On Personal Data” dated July 27, 2006.

I agree that the Bank may use the information contained in this electronic application to clarify the information provided in the application and inform about progress in the review of this application.

The Bank informs you that electronic communications sent via the Internet are transmitted via unsecured communication channels. The Bank shall not be liable for maintaining the confidentiality of data when they are transmitted via the Internet.

Press releases

Gazprombank releases financial results for 9M2017, with net income at RUB 32.9 bn in accordance with IFRS
29 August 2017
Moscow, August, 29, 2017 - Gazprombank (Joint Stock Company) (hereinafter, Bank GPB (JSC) or the Bank) published interim financial results prepared in accordance with International Financial Reporting Standards (IFRS) for the first six months (FSM) of 2017 as of 30 June 2017.

“The GPB Group increased its net income in the first six months of 2017, retaining net interest margin and expanding interest income, and also enhanced its retail operations. The additional issue of the Bank’s ordinary shares, which was over in the summer of 2017, strengthened its capital adequacy ratios and revealed additional opportunities for the Group to further expand its business”, Deputy Chairman of the Management Board, Mr. Alexander Sobol, said. 

Bank GPB (JSC) key financial indicators for 1H2017 / as at 30 June 2017: 

Net income totalled RUB 26.2 bn compared to RUB 14.2 bn in 1H2016.

ROE and ROA stood at 10.2% and 1.0%, respectively.

• FSM net interest margin comprised 3.1% compared to 2.9% in 1H2016. 

Net commission income amounted to RUB 7.5 bn in 1H2017 compared to RUB 6.7 bn in 1H2016.

Cost of Risk stood at 0.3% compared to 0.9% in 1H2016.

Cost-to-income ratio reached 47.2% compared to 42.8% in 1H2016.

Assets increased to RUB 5,184.4 bn. (RUB 4,879.2 bn as at year-end 2016). 

• The total loan portfolio amounted to RUB 3,490.3 bn compared to RUB 3,503.9 bn as at year-end 2016.

The share of non-performing loans (NPL) (overdue 90+ days and defaulted loans) in the total loan portfolio increased to 3.3% as at 30 June 2017 compared to 3.0% as at year-end 2016. 

• The provisioning ratio decreased from 7.3% to 6.3% in 1H2017.

Customer accounts amounted to RUB 3,566.1 bn as at 30 June 2017 compared to RUB 3,330.8 bn as at year-end 2016, while the loans-to-deposit ratio stood at 97.9% as at 30 June 2017.

Basel I total capital increased to RUB 694.9 bn as at 30 June 2017, the total capital adequacy ratio stood at 14.6%, the Tier-1 capital adequacy ratio amounted to 11.1%.

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The key financial indicators are presented below, RUB, bn
30 June 2017
31 December 2016
% change
5,184.4      4,879.2   +6.3%
Shareholders’ equity
494.5   +13.5%
Cash and cash equivalents
473.5   +45.5%
Loans to corporate customers1 3,152.1    3,174.8   -0.7%
Retail loans1 338.3    329.1   +2.8%
Securities2 617.3     589.1   +4.8%
Corporate customer accounts
2,818.0     2,652.5   +6.2%
Retail customer accounts
795.8   678.3   +12.3%
Capital borrowings3 301.2       317.3   -5.1%
Subordinated debt 180.2    182.8   -1.4%

1H2017 1H2016 Change
Net income
Comprehensive income

30 June 2017
31 December 2016
12M 2016
Total Capital Adequacy Ratio4 14.6% 13.5% +1.1 p.p.
Tier 1 Capital Adequacy Ratio4 11.0% 10.0% +1.0 p.p.
Non-performing loans5 (NPL), % of gross loans 3.3%
3.0% +0.3 p.p.
Allowance for impairment to gross loans to customers ratio
6.3% 7.3% -1.0 p.p.
Loans-to-deposit ratio1 97.9% 105.2% -7.3 p.p.
10.2% 5.6% +4.6 p.p.
1.0% 0.6% +0.4 p.p.
Net Interest Margin6 3.1% 3.0% +0.1 p.p.
Cost of risk7 0.3% 0.1% +0.3 p.p.
Cost-to-income ratio8 47.2% 46.5% +0.7 p.p.

Financial results 

In 1H2017 the Group recorded net income of RUB 26.2 bn. Total comprehensive income, including revaluation of non-trading investments and exchange differences on translation of the Group’s foreign operations, accounted for RUB 27.3 bn. By comparison, in 1H2016 net income and net comprehensive income amounted to RUB 14.2 bn and RUB 5.6 bn, respectively. The Group’s ROE stood at 10.2%, up by 4.6 p.p. from the same indicator as at year-end 2016. ROA amounted to 1.0%, up by 0.4 p.p. from year-end 2016.   

The Group’s net interest income in 1H2017 totaled RUB 63.6 bn, up by 6.4% compared to RUB 59.8 bn a year earlier, meanwhile both components of the net interest income decreased: interest income fell by 6.1% to RUB 183.4 bn, and interest expenses drop.p.ed by 11.6% to RUB 119.8 bn. The net interest margin in 1H2017 reached 3.1%, up by 0.1 p.p. from the same indicator in 2016.

The provision charge in 1H2017 amounted to RUB 6.7 bn compared to RUB 17.9 bn in 1H2016. The Group’s cost of risk in 1H2017 totaled 0.3% compared to 0.9% in 1H2016.

The Group’s recurring core banking income, including net interest income before impairment of interest earning assets and net commission income, totaled RUB 71.1 bn in 1H2017 compared to RUB 66.5 bn in 1H2016, the growth was due to both interest and commission income. The share of core earnings in the Group’s operating income reached 95.2%, up by 12.5 p.p. in 1H2016, and was mainly attributable to decrease in the Group’s trading and investment gains compared to 1H2016.

Income from operations with securities9 totaled RUB 7.0 bn in 1H2017 compared to RUB 13.2 bn in 1H2016. The main reason for the contraction in income from operations with securities was lower income from portfolio investments due to the sale of a number of the Group’s investments. 

Non-banking segments recorded an operating profit of RUB 2.0 bn in 1H2017 compared to RUB 0.3 bn in 1H2016.

The abovementioned developments were factored into the Group’s operating income (before allowance for impairment of interest earning assets) of RUB 74.7 bn, down by 7.1% from 1H2016.

Operating expenses in 1H2017 reached RUB 35.3 bn compared to RUB 34.4 bn in 1H2016. At the same time, the cost-to-income ratio increased in 1H2017 by 4.4 p.p. to 47.2% compared to 1H2016. The change in this ratio was +0.7 p.p. from year-end 2016. 

Business volumes and assets quality

The Group’s total assets amounted to RUB 5,184.4 bn as at 30 June 2017, up by 6.3% from RUB 4,879.2 bn as at year-end 2016. 

Cash and cash equivalents amounted to RUB 689.1 bn as at 30 June 2017 compared to RUB 473.5 bn at year-end 2016.

Loan book before provision for impairment as at 30 June 2017 stood at RUB 3,490.3 bn or almost the same as at year-end 2016 (RUB 3,503.9  bn). 

Loan book contributed 63.1% to the Group’s total assets, down by 3.5 p.p. from year-end 2016. At the same time, the Group’s corporate loans were at RUB 3,152.1 bn as at 30 June 2017, or almost the same indicator as at year-end 2016 (RUB 3,174.8 bn), while retail book amounted to RUB 338.3 bn as at 30 June 2017, up by 2.8% from the year-start, accounting for 9.7% of the gross loan book (compared to 9.4% as at year-end 2016).

The share of non-performing loans (NPLs10) in the gross loan book reached 3.3% as at 30 June 2017 compared to 3.0% at year-end 2016. 

The provisioning ratio (the ratio of loan loss reserves to the loan book) comprised 6.3% as at 30 June 2017, down by 1.0 p.p. from 7.3% as at year-end 2016. The lower provisions resulted from the inclusion of a number of impaired assets in the non-performing loans (NPL) and their further write-off in the reporting period. At the same time, the loan loss provisions are 1.9 times higher than the non-performing debt (provisioning coverage was 2.5 times as at year end 2016).

The Group’s securities portfolio in 1H2017 expanded by 4.8% to RUB 617.3 bn compared to RUB 589.1 bn as at year-end 2016, mainly due to the acquisition of investment units and government and corporate debt securities in 1Q2017. The share of securities in the Group’s assets stood at 11.9% as of the reporting date compared to 12.1% at year-end 2016. The structure of the Group’s securities portfolio is characterized by the prevalence of fixed income instruments representing investments in Russian government debt instruments, bonds and promissory notes of Russian issuers, their share amounted to 81.5% as at 30 June 2017 compared to 79.2% as at year-end 2016.

Corporate and retail deposits continued to grow in 1H2017; they amounted to RUB 3,566.1 bn as at 30 June 2017, up by 7.1% from RUB 3,330.8 bn as at year-end 2016. In particular, the volume of corporate deposits stood at RUB 2,818.0 bn as at 30 June 2017, up by 6.2% on the year-start. Retail deposits and accounts increased by 10.3% in 1H2017 to RUB 748.0 bn from RUB 678.3 bn at year-end 2016. The share of customer deposits in the Group’s liabilities stood at 77.1% as at 30 June 2017 compared to 76.0% at year-end 2016.

Borrowings from debt capital markets, including Eurobonds and local bonds, stood at RUB 301.2 bn as at 30 June 2017 compared to RUB 317.3 bn at year-end 2016. A CNY 1 bn Eurobonds, issued in 2014, and Eurobonds issued in 2012 with the total nominal value of USD 1,000 mln were redeemed, while RUB 34.2 bn bonds were placed. The share of borrowings on debt capital markets in the resource base declined in 1H2017 from 7.2% to 6.5% on the back of lower borrowings and increased customer funds.

Capital adequacy

The Group’s Basel I total capital based on consolidated IFRS financials amounted to RUB 694.9 bn in 1H2017 as at 30 June 2017 compared to RUB 620.4 bn at year-end 2016. The capital growth was mainly due to the additional issue of the Bank’s ordinary shares (the effect of RUB 60 bn) and also due increased retained earnings. The Group’s risk weighted assets increased by 3.9% in 1H2017. As a result, the Group’s total capital adequacy ratio increased to 14.6% (13.5% at year-end 2016), while the Tier 1 capital adequacy ratio grew to 11.0% (10.0% at year-end 2016).

1.Before allowance for impairment
2. Including trading securities, investments available for sale, investments  in associates and investments held to maturity
3. Including debt securities issued and syndicated loans
4. In accordance with Basel  I Framework
5. Defined as loans overdue over 90 days or facilities of defaulted borrowers
6. Net interest income to chronological mean of quarter-end interest earning asset for the year. Interest-earning assets include due from credit institutions, loans to customers and debt securities (all before allowances for impairment)
7. Impairment allowance charges to chronological mean of quarter-end interest earning asset for the year
8. Operating expenses include salaries and administrative expenses. Operating income includes net interest income, non-interest income and non-banking operating profits.
9. Includes both realized gains from securities, change of investment value and net derivative results, as well as expense from operations involving financial liabilities designated as at fair value, changes in which are reflected through profit or loss for the period upon initial recognition  
10. Outstanding loans, failure to pay principle or interest on a loan for a period of 90 days or more, or for which default has been declared