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<title>Analysis of financial results — Annual report 2010</title>
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           <h1>Analysis of financial results</h1><a name="top"></a>
 
<table class="tbimg" align="right" style="margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 10px; border-collapse: collapse; "> 
  <tbody> 
    <tr><td> 
        <h4>Assets, RUB million</h4>
       
        <p><img src="/img/grafiki_en/09.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/FINANCIAL RESULTS.xls" target="_blank" >Download XLS</a></p>
       </td></tr>
   </tbody>
 </table>
 
<ul> 		 
  <li>Net income was RUB581 million</li>
 		 
  <li>Assets grew by&nbsp;14% to&nbsp;RUB166 billion</li>
 		 
  <li>Operating income was RUB8.0 billion</li>
 		 
  <li>Return on&nbsp;equity was 3.5%</li>
 	</ul>
 
<h2> Assets </h2>
 
<p>Assets grew by&nbsp;14% during 2010 to&nbsp;RUB166 billion (US$5.5&nbsp;billion) thanks to&nbsp;an&nbsp;inflow of&nbsp;client funds (up&nbsp;RUB17.2&nbsp;billion). The Bank placed the funds raised in&nbsp;the loan portfolio, which increased by&nbsp;22% (RUB19&nbsp;billion) to&nbsp;RUB104&nbsp;billion. The loan portfolio accounted for&nbsp;63% of&nbsp;total assets at&nbsp;the end of&nbsp;2010, up&nbsp;from&nbsp;59% a&nbsp;year earlier. Most of&nbsp;the loan portfolio growth was in&nbsp;the fourth quarter (up&nbsp;10% quarter-on-quarter), as&nbsp;the additional liquidity in&nbsp;the economy, stemming from a&nbsp;seasonal increase in&nbsp;federal budget spending, stimulated clients&rsquo; credit activity.</p>
 
<p>Customer accounts remained the core source of&nbsp;funding, accounting for&nbsp;87% of&nbsp;total liabilities, or&nbsp;RUB130&nbsp;billion, up&nbsp;15% year-on-year. Current accounts (an&nbsp;almost cost-free source of&nbsp;funding) accounted for&nbsp;35% of&nbsp;total customer funds. Due to&nbsp;rapid loan growth over 2010, the loan-to-deposit ratio rose by&nbsp;4.76 percentage points to&nbsp;88.4%. The structure of&nbsp;liquid assets changed in&nbsp;favor of&nbsp;profit-earning assets: trading securities increased by&nbsp;25% (RUB2.4&nbsp;billion) to&nbsp;RUB12.2&nbsp;billion, while cash and equivalents decreased by&nbsp;6% (RUB-2.0&nbsp;billion) to&nbsp;RUB32&nbsp;billion. Overall, the Bank managed to&nbsp;fulfill its financial plan for 2010, despite the instability of&nbsp;the economic recovery. </p>
 
<p><a href="#top" class="top" >Top</a></p>
 
<h2>Equity</h2>
 
<p>Equity increased by&nbsp;3.5% to&nbsp;RUB16.9 billion (US$553&nbsp;million). The Tier-1 capital adequacy ratio was 12.8%, while the total capital adequacy ratio was 15.2%, exceeding the regulatory guidelines for a&nbsp;credit institution. The decline from the previous year (CAR fell by&nbsp;3.8 percentage points and Tier-1 by&nbsp;2.7 percentage points) was a&nbsp;result of&nbsp;risk-weighted asset growth due to&nbsp;expansion of&nbsp;the loan book and securities portfolio.</p>
 
<p><a href="#top" class="top" >Top</a></p>
 
<h2>Loan portfolio</h2>
 
<p>The loan portfolio before provisions grew by&nbsp;22% year-on-year (RUB20.6&nbsp;billion). Although loan book growth was uneven over 2010, the Bank managed to&nbsp;expand its loan portfolio before provisions in&nbsp;the fourth quarter by&nbsp;10% quarter-on-quarter on&nbsp;the back of&nbsp;greater liquidity in&nbsp;the economy. Net loan growth of&nbsp;22% year- on-year was substantially stronger than the 12.6% for the overall banking sector. Also noteworthy is&nbsp;that the bank managed to&nbsp;boost its market share in&nbsp;lending to&nbsp;clients in&nbsp;Moscow Region, its key area, where the loan portfolio swelled by&nbsp;43% year-on-year, double the&nbsp;20% sector growth for lending to&nbsp;entities and individuals there. This was mainly driven by&nbsp;corporate loans, which grew by&nbsp;22% year-on-year, compared with 12.1% for the sector, according to&nbsp;the Central Bank. Corporate lending accounted for 85.6% of&nbsp;the total loan portfolio, with&nbsp;52% of&nbsp;total loans being issued to&nbsp;small and medium-sized enterprises. The loan book remained diversified by&nbsp;economic sectors: the largest share of&nbsp;loans was granted to&nbsp;the trade and manufacturing sectors (24% each). The retail loan book grew by&nbsp;18% year-on-year due to&nbsp;greater mortgage (24%) and consumer (26%) lending. By&nbsp;the year-end, mortgages accounted for&nbsp;59% of&nbsp;total retail loans.</p>
 
<p><a href="#top" class="top" >Top</a></p>
 
<h2>Securities</h2>
 
<p>The securities portfolio amounted to&nbsp;RUB14.2 billion (US$467&nbsp;million), up&nbsp;29% year-on-year. As&nbsp;a&nbsp;result of&nbsp;the market drop at&nbsp;the beginning of&nbsp;the second quarter, the Bank boosted its securities portfolio of&nbsp;the most reliable issuers with insignificant credit risk, having increased total securities to&nbsp;RUB18.4&nbsp;billion. Over the following quarters, the Bank steadily reduced the securities investments partly selling securities acquired in&nbsp;the second quarter. By&nbsp;the year-end, the trade securities portfolio mainly consisted of&nbsp;investment-grade securities with a&nbsp;short duration. Most of&nbsp;them were fixed-income securities of&nbsp;Russian federal and regional government bodies and companies with quasi-sovereign risk. The breakdown of&nbsp;the securities portfolio at&nbsp;the year-end was as&nbsp;follows: 46.3%&nbsp;&mdash; federal and regional government bonds and Eurobonds, 32.3%&nbsp;— Central Bank bonds, and 18.3%&nbsp;— corporate bonds and Eurobonds.</p>
 
<table class="tbimg" width="100%" style="border-collapse: collapse; "> 
  <tbody> 
    <tr><td style="vertical-align: top; "> 
        <h4>Loan portfolio, RUB million</h4>
       
        <p><img src="/img/grafiki_en/10.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/FINANCIAL RESULTS.xls" target="_blank" >Download XLS</a></p>
       </td><td style="width: 50px; "> 
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       </td><td style="vertical-align: top; "> 
        
<h4>Loan growth of Bank Vozrozhdenie and the Russian banking system</h4>
       
        <p><img src="/img/grafiki_en/15.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/FINANCIAL RESULTS.xls" target="_blank" >Download XLS</a></p>


       </td></tr>
   </tbody>
 </table>
 
<p><a href="#top" class="top" >Top</a></p>
 
<h2>NPLs</h2>
 
<p>The NPL ratio increased by&nbsp;0.6 percentage points over the year to&nbsp;10.5% (RUB12.1&nbsp;billion). However, the Bank’s NPL ratio was 11.1% in&nbsp;the first quarter. Under IFRS, the Bank applies a&nbsp;very conservative approach to&nbsp;the definition of&nbsp;NPLs, recording them as&nbsp;the whole principal of&nbsp;a&nbsp;loan more than one day overdue either on&nbsp;principal or&nbsp;interest. Impaired loans, on&nbsp;which some losses are possible, accounted for 9.8% of&nbsp;the total loan portfolio. Total NPLs are almost totally covered by&nbsp;provisions for loan losses, which amounted to&nbsp;RUB11.2 billion by&nbsp;the year-end. The total coverage ratio was&nbsp;93%, while for loans overdue by&nbsp;more than 30&nbsp;days it&nbsp;was 130% and for those overdue by&nbsp;more than 90&nbsp;days it&nbsp;was 132%. Total charges to&nbsp;provisions over the year (cost of&nbsp;risk) accounted for 1.8% of&nbsp;the average loan book, or&nbsp;RUB1.9&nbsp;billion.</p>
 
<p><a href="#top" class="top" >Top</a></p>
 
<table class="tbimg" align="right" style="margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 10px; border-collapse: collapse; "> 
  <tbody> 
    <tr><td> 
        <h4>Operating costs, RUB million</h4>
       
        <p><img src="/img/grafiki_en/12.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/FINANCIAL RESULTS.xls" target="_blank" >Download XLS</a></p>
       </td></tr>
   </tbody>
 </table>
 
<h2>Net interest income </h2>
 
<p>Net interest income declined by&nbsp;34% year-on-year and amounted to&nbsp;RUB5.5&nbsp;billion. Interest income was affected by&nbsp;a&nbsp;drop in&nbsp;yields for loans coupled with greater competition on&nbsp;the back of&nbsp;lending stagnation for most of&nbsp;2010. Amid a&nbsp;sharp plunge in&nbsp;lending rates, the Bank’s efforts were focused on&nbsp;reducing funding cost, which was trimmed by&nbsp;1&nbsp;percentage point to&nbsp;6.1% by&nbsp;the year-end, in&nbsp;comparison with 7.1% a&nbsp;year earlier. Thus, due to&nbsp;a&nbsp;steady expiration of&nbsp;the most expensive deposits during the fourth quarter, the cost of&nbsp;funding came down by&nbsp;0.8 percentage points, from&nbsp;6% in&nbsp;the third quarter to&nbsp;5.2% at&nbsp;the end of&nbsp;the fourth quarter. As&nbsp;a&nbsp;result, the net effect on&nbsp;the NIM was positive. It&nbsp;rose from 3.3% in&nbsp;the third quarter to&nbsp;3.5% in&nbsp;the fourth quarter and accounted for 3.6% of&nbsp;total average assets by&nbsp;the year-end. The interest spread also expanded, from 5.6% in&nbsp;the third quarter to&nbsp;5.8% in&nbsp;the fourth quarter, and stood at&nbsp;6.3% for the full year.</p>
 
<p><a href="#top" class="top" >Top</a></p>
 
<h2>Non-interest income </h2>
 
<p>Net commission income grew steadily in&nbsp;2010 and totaled RUB3.9&nbsp;billion, up&nbsp;5.5% year-on-year, thanks to&nbsp;an&nbsp;increase in&nbsp;fees and commissions from settlements of&nbsp;13.6% and transactions with bank cards of&nbsp;17.8%. Net fee income accounted for&nbsp;89% of&nbsp;total non-interest income. The share of&nbsp;non-interest income was&nbsp;45% of&nbsp;total operating income, remaining one of&nbsp;the highest among Russian banks, as&nbsp;in&nbsp;previous years.</p>
 
<p><a href="#top" class="top" >Top</a></p>
 
<h2>Operating costs</h2>
 
<p>Operating costs grew by&nbsp;14% year-on-year to&nbsp;RUB7.2&nbsp;billion. A&nbsp;seasonal increase in&nbsp;personnel expenses in&nbsp;the fourth quarter, due to&nbsp;payment of&nbsp;annual bonuses, caused payroll expenses to&nbsp;rise by&nbsp;15.2%, and the share of&nbsp;personnel expenses in&nbsp;total costs was&nbsp;56%, up&nbsp;from&nbsp;54% in&nbsp;2009. The Bank took steps to&nbsp;prevent administrative expenses rising, as&nbsp;a&nbsp;result of&nbsp;which they fell by&nbsp;1.3%. The total cost-to-income ratio (before provisions) was 72.5%.</p>
 
<p><a href="#top" class="top" >Top</a></p>
 
<h2>Income</h2>
 Net income grew consistently in&nbsp;each successive quarter of&nbsp;2010, and the Bank finished the year with net income of&nbsp;RUB581&nbsp;million. The effective tax rate in&nbsp;2010 was 20%. 
<table class="tbimg" width="100%" style="border-collapse: collapse; "> 
  <tbody> 
    <tr><td style="vertical-align: top; "> 
        <h4>Net income, RUB million</h4>
       
        <p><img src="/img/grafiki_en/13.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/FINANCIAL RESULTS.xls" target="_blank" >Download XLS</a></p>
       </td><td style="width: 50px; "> 
        <br />
       </td><td style="vertical-align: top; "> 
        <h4>Commission income, RUB million</h4>
       
        <p><img src="/img/grafiki_en/16.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/FINANCIAL RESULTS.xls" target="_blank" >Download XLS</a></p>
       </td></tr>
   
    <tr><td colspan="1"></td><td colspan="1"></td><td colspan="1"></td></tr>
   
    <tr><td style="vertical-align: top; "> 
        <h4>Client funds, RUB million</h4>
       
        <p><img src="/img/grafiki_en/11.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/FINANCIAL RESULTS.xls" target="_blank" >Download XLS</a></p>
       </td><td></td><td style="vertical-align: top; "> 
        <h4>Cost-to-income ratio, %</h4>
       
        <p><img src="/img/grafiki_en/14.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/FINANCIAL RESULTS.xls" target="_blank" >Download XLS</a></p>
       </td></tr>
   </tbody>
 </table>
 
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