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Press releases

Gazprombank releases financial results for 2020, with net income at RUB 56 bn in accordance with International Financial Reporting Standards (IFRS).
31 March 2021

Moscow, March, 31, 2021 — Gazprombank (Joint Stock Company) (hereinafter, “Bank GPB (JSC)” or “the Bank”) published its consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS) for 2020 as at 31 December 2020.

Mr. Alexander Sobol, Deputy Chairman of the Management Board:

“Despite extremely negative external factors of 2020, the Group’s normalized net income remained at 2019 level and was RUB 43.3 bn.

This result rests on extensive and patient work of the Bank’s and the Group’s entire team of employees, including organization of remote work and implementation of all required measures for the prevention of COVID-19 spread, which ensured continuous, reliable and successful performance of our functions in the existing difficult circumstances.

Commencing transformation and digitalization processes at the Bank in 2018 focusing on the retail business development, we stood ready for challenges we faced in the beginning of 2020. Double-digit annual increment of retail business in the Bank’s assets and liabilities, retaining of net interest margin at “pre-pandemic” levels, growth of net commission income, which increased by 24% in 2020 year-on-year – this is a well-deserved result of the ongoing transformation process in the Bank.

We are optimistic about our future as we see prospects for the development of the Bank this year and maintain the focus on the tight control over credit risk, further strengthening of the Group’s retail business and preserving operating income margin.”

Key financial indicators of the Gazprombank Group (hereinafter, “the Group”) for 2020 / as at 31 December 2020:

  • Net income totaled RUB 56.0 bn compared to RUB 44.6 bn for 2019;

  • Normalized net income would be RUB 43.3 bn, with due regard to the net foreign exchange loss of RUB 12.7 bn on issued perpetual bonds (redeemed in April 2020). The net foreign exchange loss was recognized as capital according to IFRS.

All the following press release indicators were calculated on the basis of normalized net income of RUB 43.3 bn;

  • Net commission income reached RUB 42.4 bn compared to RUB 34.2 bn in 2019;

  • Net interest margin was 2.8%, remaining the same as in 2019;

  • Cost of Risk was 0.2%, with due regard to the adjustment of loans accounted at fair value, compared to -0.1% in 2019;

  • ROE and ROA were 6.0% and 0.6%, respectively, compared to 6.3% and 0.7% in 2019;

  • Cost-to-income ratio was 60.1% compared to 65.1% at year-end 2019;

  • Assets amounted to RUB 7,530.7 bn (against RUB 6,582.2 bn as at 31 December 2019);

  • Total loan portfolio[1] was RUB 5,254.1 bn (against RUB 4,593.3 bn as at 31 December 2019);

  • Non-performing loans (NPL) (over 90 days past due and defaulted loans) in the total loan portfolio were 2.1% compared to 2.2% as at 31 December 2019.

  • Provisioning ratio amounted to 4.2% compared to 4.4% as at 31 December 2019;

  • Customer accounts was RUB 5,829.2 bn compared to RUB 4,968.5 bn at year-end 2019, while the loan-to-deposit ratio was 90.1% as at 31 December 2020, compared to 92.4% as at 31 December 2019;

  • Basel I total capital reached RUB 790.8 bn compared to RUB 758.1 bn as at 31 December 2019, the total capital adequacy ratio was 12.7% as at the reporting date, and the Tier 1 capital adequacy ratio stood at 11.8%.


[1] Includes gross corporate and retail loans accounted at amortized cost before loan provisioning and also loans accounted at fair value.


The key financial indicators are presented below:

RUB, bn.

31.12.2020 31.12.2019 Change
Assets 7,530.7 6,582.2 +14.4%
Shareholders’ equity (capital) 739.3 722.2 +2.4%
Cash and cash equivalents 943.4 739.0 +27.7%
Loans to corporate customers 4,515.3 3,985.4 +13.3%
Retail loans 738.8 608.0 +21.5%
Securities and investments in associates [2] 776.5 647.7 +19.9%
Corporate customer accounts 4,305.4 3,748.5 +14.9%
Retail customer accounts 1,523.7 1,220.0 +24.9%
Capital market borrowings 285.1 267.6 +6.5%
Subordinated debt 69.7 74.6 -6.6%
12M2020 12M2019 Change
Net profit 56.0 44.6 +25.6%
Normalized net income* 43.3 44.6 -2.9%
Comprehensive income 69.2 39.0 +77.4%
Normalized comprehensive income* 56.5 39.0 +44.9%
31 Dec 2020 / 12M2020 31 Dec 2019 / 12M2019 Change
Total Capital Adequacy Ratio[3] 12.7% 13.1% -0.4 p.p.
Tier 1 Capital Adequacy Ratio 11.8% 11.9% -0.1 p.p.
Ratio of non-performing loans[4] (NPL) to gross loans 2.1% 2.2% -0.1 p.p.
Ratio of loan loss provisions to gross loans accounted at amortized cost 4.2% 4.4% -0.2 p.p.
Loans-to-deposit ratio 90.1% 92.4% -2.3 p.p.
ROE 7.7% 6.3% +1.4 p.p.
Normalized ROE* 6.0% 6.3% -0.3 p.p.
ROA 0.8% 0.7% +0.1 p.p.
Normalized ROA* 0.6% 0.7% -0.1 p.p.
Net interest margin[5] 2.8% 2.8% 0.0 p.p.
Cost of credit risk[6] 0.2% -0.1% +0.3 p.p.
Cost to income ratio[7] 60.1% 65.1% -5.0 p.p.
Cost to normalized income ratio* 56.3% 65.1% -8.8 p.p.


[2] Including trading securities, investment securities, and investments in associates.
[*] Calculated with due regard to FX loss included in capital as perpetual bonds issued.
[3] In accordance with Basel I Framework.
[4] Loans are deemed “non-performing” if their principal or interest is 90+ days past due, as well as in the event of counterparty default.
[5] The ratio of net interest income for the reporting period to the chronological average of quarter-end interest-bearing assets for the year. Interest-bearing assets include those due from financial institutions, loans to customers and debt securities (all before loan loss provisions).
[6] Charges of provisions for loan loss and loan adjustment accounted at fair value for the reporting period to the chronological average of quarter-end interest-bearing assets for the reporting period.
[7] Operating expenses include salaries, other allowances and benefits to the personnel, and administrative expenses. Operating income includes net interest income, non-interest income and non-banking operating profits. Operating income does not include provisions and loan adjustments accounted at fair value.


Financial result

The Group ended 12M2020 with recorded net income of RUB 43.3 bn, adjusted for FX loss included in the capital as perpetual bonds issued, and the net comprehensive income of RUB 56.5 bn, including inter alia currency revaluations of the Group’s foreign investments. By comparison, year-on-year, the Group’s net income and its comprehensive income amounted to RUB 44.6 bn and RUB 39.0 bn, respectively. The Group’s ROE declined by 0.3 p.p. to 6.0%* in 12M2020 against that at year-end 2019. ROA was 0.6%*  in 12M2020 – a drop of 0.1 p.p. against 0.7% at year-end 2019.  

The Group’s net interest income was RUB 169.5 bn in 12M2020, which is 18.7% higher than that in 12M2019 (RUB 142.8 bn), with interest income up 0.5% to RUB 407.4 bn and interest expenses down 10.8% to RUB 237.9 bn. The net interest margin in 12M2020 remained unchanged year-on-year − at 2.8%.

The Group’s recurring core banking income, including net interest income before loan loss provisions and net commission income, was up 19.7% to RUB 211.9 bn in 12M2020 compared to RUB 177.0 bn year-on-year. At the same time, net commission income for the same period (RUB 42.4 bn) was 1.2 times higher than in 12M2019 (RUB 34.2 bn). Higher commission income resulted from continued active development of retail business, which had started in 2019 (sales of packaged offers, insurance and service ones, both on lending and investment products for individuals).

Recurring income in the Group’s operating income accounted for 92.5%* against 95.4% in 12M2019.

Combined income from transactions in securities [8] in 12M2020 totaled RUB 8.5 bn compared to the income of RUB 35.5 bn in 12M2019 − mostly due to negative revaluation of securities and lower income from the disposal of subsidiaries.

Non-banking segments ended 12M2020 with the operating income of RUB 1.1 bn compared to the loss of RUB 13.0 bn in 12M2019.

Impacted by the above factors, the Group’s operating income (before provisions for loan loss and impairment of assets) reached RUB 229.1* bn in 12M2020 compared to RUB 185.5 bn in 12M2019.

Operating expenses amounted to RUB 137.8 bn in 12M2020 compared to RUB 120.8 bn in 12M2019. Higher expenses were driven by the continued implementation of projects for the business technology transformation, including transformation of the retail business. At the same time, the cost-to-income ratio was down 5 p.p. to 60.1%* compared to 65.1% at year-end 2019.

Asset quality

Loan loss provisions totaled RUB 5.4 bn in 12M2020 compared to RUB 10.5 bn in 12M2019. Negative adjustments of loans and receivables accounted at fair value were RUB 9.1 bn in 12M2020 against the positive adjustment of RUB 14.5 bn in 12M2019.

The Group’s cost of risk (including valuation adjustment of loans and receivables accounted at fair value) grew to 0.2% in 12M2020 compared to -0.1% at year-end 2019.

NPLs (non-performing loans) in the gross loan book accounted for 2.1% as at 31 December 2020 – down 0.1 p.p. against 31 December 2019. The provisioning ratio (total loan loss provisions to the portfolio of loans accounted at amortized cost) was 4.2% as at 31 December 2020 compared to 4.4% as at 31 December 2019. At the same time, loan loss provisions created as at the reporting date exceeded NPLs 2.0 times, showing exactly the same level as at year-end 2019.

Business volumes

The Group’s total assets reached RUB 7,530.7 bn as at 31 December 2020 – up 14.4% against RUB 6,582.2 bn as at 31 December 2019.

In particular, cash and cash equivalents reached RUB 943.4 bn as at 31 December 2020 compared to RUB 739.0 bn as at 31 December 2019.

The gross loan book before loan loss provisions was at RUB 5,254.1 bn as at 31 December 2020 − up 14.4% against RUB 4,593.3 bn as at 31 December 2019.

The gross loan book (net of provisions for loan loss and loan adjustments accounted at fair value) in the Group’s total assets was 66.9% compared to 66.8% as at the end of December 2019.

In 12M2020, corporate loans were up 13.3% to RUB 4,515.3 bn as at 31 December 2020 against RUB 3,985.4 bn at year-end 2019. Retail loans also showed significant growth, with their volume up 21.5% in 12M2020 – from RUB 608.0 bn to RUB 738.8 bn as at 31 December 2020.

Mortgage loans form the bulk of the Group’s retail loans, accounting for RUB 409.9 bn as at 31 December 2020 – up 4.3% compared to 31 December 2019. Mortgage loans share in the retail loan book were down 9.1 p.p. in 12M2020 − from 64.6% to 55.5%. Consumer loans to retail customers [9] grew in 12M2020 from RUB 215.0 bn to RUB 328.9 bn. (up 53.0%).

Retail business benefited from the development of remote service channels ensuring online provision of core products and services. By the end of 4Q2020, total number of active Internet Bank users reached 2.5 mln people, up 1 mln people year-on-year. At the same time, the number of active users were up 70%. As at the end of December 2020, 81 % of the bank’s customers possessing card products used remote service channels of Bank GPB (JSC) – up 20 p.p. compared to previous year.

Corporate loan book grew strongly in 12M2020, resulting in a rise of retail loans share in the gross loan book profile as at 31 December 2020 (up 0.9 p.p. to 14.1%).

The portfolio of securities and investments in Group associates was RUB 776.5 bn as at 31 December 2020, up 19.9% (as at 31 December 2019: RUB 647.7 bn).

Securities and investments in associates share in the Group’s assets were up 0.5 p.p. in 12M2020 to 10.3% as at the reporting date against 9.8% at year-end 2019. The profile of the Group’s securities portfolio mostly consists of fixed income instruments such as investments in Russian government debt, bonds and promissory notes of Russian issuers, with debt securities up 4.5 p.p. − from 80.6% to 85.1% in 12M2020.

Amounts owed to financial institutions were up 0.6% in 12M2020 to RUB 321.4 bn (against RUB 319.4 bn at year-end 2019). Amounts owed to financial institutions share in the liabilities were 4.7% as at 31 December 2020 compared to 5.5% as at 31 December 2019.

Corporate and retail accounts grew to RUB 5,829.2 bn as at 31 December 2020 against RUB 4,968.5 bn as at 31 December 2019 (total growth was 17.3%). At the same time, corporate accounts were up 14.9% to RUB 4,305.4 bn as at 31 December 2020 compared to that at year-end 2019 (RUB 3,748.5 bn), with retail accounts also up 24.9% in 12M2020 – from RUB 1,220.0 bn to RUB 1,523.7 bn. Retail accounts in the customer accounts profile edged up (by 1.5 p.p. − from 24.6% at year-end 2019 to 26.1% as at 31 December 2020).

Customer accounts in the Group liabilities were 85.8% as at 31 December 2020 − up 1.0 p.p. (against 84.8% at year-end 2019).

Capital market borrowings as at 31 December 2020 were up to RUB 285.1 bn against RUB 267.6 bn at year-end 2019 (up 6.5%). At the same time, capital borrowings in the resource base declined 0.4 p.p. To 4.2%.

Capital adequacy

The Group’s Basel I total capital based on consolidated IFRS financials amounted to RUB 790.8 bn as at 31 December 2020 − up 4.3% in 12M2020 compared to RUB 758.1 bn at year-end 2019. Early in 2020, the Group obtained funding from the Gazprom Group in subordinated interest-free demand deposits totaling RUB 40,000 mln (in 2019 – RUB 90,000 mln). Since these deposits do not have any maturity date and are interest-free, the Group classified them into the capital in the consolidated statement of financial position, and also as part of Tier 1 capital for the purposes of calculating the capital adequacy ratio. The Central Bank of Russia approved the inclusion of demand and interest-free deposits in the additional capital when calculating capital adequacy in accordance with the national rules.

In July 2020, the bank placed USD 250.25 mln subordinated bonds. The Central Bank of Russia approved the inclusion of the above subordinated bonds in Tier 2 capital when calculating capital adequacy in accordance with the national rules.

At the same time, April 2020 saw the early redemption of USD 1 bn perpetual Eurobonds. July 2020 witnessed the redemption of USD 400 mln subordinated Eurobonds on their maturity date.

The Group’s risk weighted assets were up 8.2% to RUB 6,245.3 bn in 12M2020.

Hence, the Group’s capital adequacy indicators as at 31 December 2020 were as follows: the Group’s total capital adequacy ratio at 12.7% (compared to 13.1% at year-end 2019 – a drop of 0.4 p.p. for 12M2020); the Tier 1 capital adequacy ratio at 11.8% (compared to 11.9% at year-end 2019 – a drop of 0.1 p.p. for 12M2020).



[*] Calculated with due regard to FX loss included in equity as perpetual bonds issued
[8] Combined income from transactions in securities includes both realized and unrealized gains from securities transactions, and also a change to the Group’s investments value and net derivative results, as well as expenses of transactions in financial liabilities designated as measured at fair value, changes in which are shown in profit or loss for the period following initial recognition, as well as income from the disposal of subsidiaries.
[10] Including car loans, credit cards and overdrafts

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