Novikombank, a subsidiary bank of the Rostec State Corporation, published interim financial statements for the first quarter of 2024. The company's assets as of April 1 amounted to 1,061.8 billion rubles, which is 15.8% more than at the beginning of the year.
The bank's loan portfolio increased by 19.7%, to RUB 977 billion. A high-quality portfolio of loans to industrial enterprises ensured a positive financial result from the activities of the Rostec core bank. Profit at the end of the reporting period amounted to 8.2 billion rubles.
Novikombank achieved such operating results in the first quarter thanks to the stability and diversification of its resource base, competent liquidity management, high level of capital adequacy, as well as resistance to external challenges.
The bank's net interest income for the reporting period exceeded 13 billion rubles. The volume of own funds increased by 10.4% – from 93.1 billion rubles. up to 102.8 billion rubles. The bank's high level of capitalization allows it to create resource support both for large industrial groups and corporations, as well as for the entire chain of their cooperation, small and medium-sized businesses.
The largest part of Novikombank's resource base consists of customer funds . The volume of account balances for the first quarter of 2024 increased by 16.8%, to RUB 959.8 billion.
Novikombank's client policy is focused on providing a full range of high-tech banking services to all segments of the financial market. The bank allocates funds for the modernization of industrial production, the development of new technologies and products, and the launch of mass production of innovative products. In particular, the bank is a key partner of enterprises in the implementation of strategic projects in the Russian aircraft industry, engine building, shipbuilding, and radio-electronic industry on a national scale.
By supporting enterprises that carry out tasks to achieve technological leadership, Novikombank centrally directs resources for our own preferential financing programs developed jointly with the shareholder, which are highly in demand by clients.
In addition, Novikombank is accredited in all government mechanisms for preferential lending to industry and actively applies existing government support instruments, reducing the cost of servicing loans.
Novikombank's retail business is focused on employees of corporate clients. The bank provides them with special service conditions, constantly expanding its portfolio of products and services. The volume of loans issued to individuals during the reporting period increased by 2.6%, to RUB 25 billion.
The effectiveness of the bank’s development model approved by the shareholder is confirmed by high ratings of leading Russian credit agencies at the “AA” level. At the same time, Novikombank is the only financial organization among the 100 most reliable banks in the country that has been assigned a credit rating from all four Russian rating agencies.
“Thanks to systematic decision-making and a balanced approach to risk management , following the strategy approved by the shareholder, the bank consistently demonstrates growth and provides the most favorable financing conditions to key sectors of Russian industry. In addition, as the supporting bank of one of the largest employers in Russia, we direct maximum efforts to support engineering personnel. That is why in retail we are constantly improving our portfolio of profitable products with a social focus, which helps solve the priority task of supporting the human resources potential of Russian industry,” commented the Chairman of the Board of Novikombank, curator of the Voronezh branch of Soyuzmash of Russia Elena Georgieva.
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