The VEB Group’s equity under IFRS increased by RUB 30.7 billion in Q1 2016

8 july 2016 года
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Vnesheconombank published consolidated financial statements of the VEB Group for Q1 2016 as prepared in compliance with IFRS.

The VEB Group’s key performance indicators:

  • In Q1 2016, the VEB Group’s equity increased by RUB 30.7 billion (6%) to reach RUB 511.5 billion as at 31.03.2016. The upward trend is primarily attributable to a capital contribution by the state in the amount of RUB 73.8 billion to partially compensate for the losses incurred in 2016 in discharging obligations under foreign loans raised in capital markets. This came as the first tranche of the RUB 150 billion designated for VEB’s support in 2016. The subsidy received by VEB from the federal budget in the amount mentioned above caused the equity to increase to RUB 519.4 billion, with the capital adequacy ratio reaching 12.1%.
  • Net interest income increased by 35% to RUB 25.7 billion as compared to the same period of the previous yearbillion. The increase is accounted for by higher growth rates of net interest income and a reduction in funding costs.
  • In Q1 2016, the VEB Group recognized a RUB 58.3 billion loss caused by provisioning. The negative impact was mitigated by the net gain recognition of the governmentgrant in the amount of RUB 135.9 billion, as part of the state support measures. As Nikolay Tsekhomsky, First Deputy Chairman of Vnesheconombank – Member of the Board put it “the funding extended by the State was another measure designed to promote transformation efforts made by the Bank’s management to boost the operational efficiency”.
  • When auditing the VEB Group’s assets, the Bank took a conservative approach to the provisioning policy. Thus, provisions for impairment of assets increased to RUB 176.3 billion. The provisions growth affected both the net loan portfolio of the Group, which decreased by 13.4% against the beginning of the year, and the financial results of the Group for Q1 2016.
  • The VEB Group’s assets decreased by RUB 433.4 billion (-9.9%) to RUB 3.949 trillion. It was mainly caused by a RUB 344.1 billion (-13.3%) decrease in the customer loan portfolio to RUB 2.236 trillion. The total loan portfolio share in the Group’s assets decreased from 59% to 57% as compared to early 2016. The trend is attributed to a significant decline in the currency rates against ruble, as well as provisioning for impairment of loans.
  • Total liabilities went down by RUB 464.1 billion to RUB 3.4 trillion due to a decline in the amounts due to credit institutions and debt securities issued. The total amount of debt securities issued and due to banks decreased by RUB 275 billion. Such a decrease was caused by a timely repayment of the maturing debt and the already mentioned growth of the ruble against US dollar and euro, which led to a decline in book value of the foreign currency denominated liabilities. It should be noted, that in Q1 2016, Vnesheconombank redeemed its 500 million Swiss franc - denominated Eurobonds issue, successfully refinanced the RUB 15 billion issue on the Russian market and placed a new issue of RUB 19.6 billion.
  • Vnesheconombank has elaborated a new Development Strategy for up to 2021 that provides for the development institution to entirely focus on the sectors that are of top priority for the economy, i.e. support for high value - added industries and non-commodity exports, as well as integrated infrastructure development. The Strategy has in principle been approved by the Supervisory Board of Vnesheconombank. Furthermore, the Bank has established a division for problem loans management, as well as a customer service designed to foster VEB’s relations with its customers.


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Nikolay Tsekhomsky joined Concern Kalashnikov ‘s Board of Directors

30 june 2016 года
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Nikolay Tsekhpmsky, Vnesheconombank’s First Deputy Chairman and Member of the Management Board, has joined the Board of Directors of Concern Kalashnikov (Rostec Corporation) as an independent director.

The decision was approved by the Concern Kalashnikov’s General Meeting of Shareholders. An invitation to join the company’s board of directors was issued on behalf of TransKomplektHolding LLC and a group of the Concern’s private shareholders.


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Regular meeting of Vnesheconombank’s Expert Council

29 june 2016 года
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Vnesheconombank’s Expert Council held its regular meeting on Investment Trends in the Russian Economy and Vnesheconombank’s Investment Patterns for 2017-2018.

The meeting was attended by Vnesheconombank’s Chairman, Members of the Management Board, Deputy Chairmen and Advisers to Chairman of Vnesheconombank, government officials, figures from academia and non-commercial associations.

In his opening statement, Evgeny Yasin, Chief Scientific Officer at National Research University Higher School of Economics, stressed the urgency of the topic for the Bank’s new business model.


Among the speakers at the meeting were Sergey Gorkov, Chairman of Vnesheconombank; Andrey Klepach, Deputy Chairman (Chief Economist) of Vnesheconombank; Tatyana Sakharova, Adviser to Chairman of Vnesheconombank; Oleg Ivanov, Vice President of the Association of Regional Banks of Russia; Oleg Solntsev, Section Head at the Center for Macroeconomic Analysis and Short-Term Forecasting (CMASF); and Vladimir Salnikov, Head of Real Sector Development Analysis and Forecast and Deputy Director General of CMASF.


The speakers addressed the issues of investment trends, development of economic sectors, Vnesheconombank’s investment priorities, and syndicated lending. Furthermore, the attendees came up with recommendations and proposals as to the optimal choice of investment patterns to ensure multiplicative effect and long-term social and economic development.




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Vnesheconombank extends guarantee as a security for NOVATEK company’s obligation

24 june 2016 года
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As part of supporting exports, Vnesheconombank extended a guarantee for an amount equivalent to 3 billion US dollars as a security for OJSC NOVATEK company’s obligation to service OJSC Yamal LNG’s debt to creditors of a project on the construction of an integrated LNG complex in the Yamal peninsular. This project is of strategic importance for the Russian economy.

Vnesheconombank’s participation in the project by way of extending a guarantee helped OJSC Yamal LNG to raise international foreign funding. The guarantee’s acceptance testifies to foreign creditors’ high level of trust in Vnesheconombank Group of Companies.

OJSC NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons in the Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area. It accounts for about 80% of gas production in Russia and - about 16% of the world’s gas production. NOVATEK is an open joint stock company founded in compliance with the laws of the Russian Federation. JSC Novatek’s shares are listed on the Moscow Exchange, Global Depository Receipts – on the London Stock Exchange under the ticker symbol “NVTK”.

OJSC Yamal LNG is implementing a project on the construction of an LNG plant with annual capacity of 16.5 million tons per year based on the feedstock resources of the South-Tambeyskoye field. LNG production is scheduled to start in 2017. OJSC Yamal LNG’s shareholders are OJSC NOVATEK (50.1%), Total (20%), CNPX (20%), the Silk Road Fund.


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The Shanghai Cooperation Organization Interbank Consortium Council meeting held

23 june 2016 года
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Vnesheconombank Deputy Chairman Sergei Vasiliev participated in the 12th meeting of the Shanghai Cooperation Organization Interbank Consortium Council timed to coincide with a SCO Heads of State Council meeting in the city of Tashkent (the Republic of Uzbekistan).

In the course of the meeting, heads of SCO Interbank Consortium banks discussed key issues of the current and future multilateral cooperation including joint funding of investment projects, relationships with development institutions operating in the SCO area and in the Asian region.

As part of enhancing relations with financing institutions of observer states and partners in the SCO dialogue they signed a Resolution by the SCO Interbank Consortium Council to assign a partner bank of the consortium status to the Mongolia Development Bank.

In accordance with the rotation principle approved by the SCO Interbank Consortium, Chairman of the Kazakhstan Development Bank Bolat Zhamishev was elected as Chairman of the SCO Interbank Consortium Council for the next year (from October 2016 to October of 2017).

The Shanghai Cooperation Organization Interbank Consortium of SCO member states authorized state banks and credit institutions specializing in foreign economic activity was established on October 26, 2005. The Interbank Consortium incorporates State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Kazakhstan Development Bank, the China State Development Bank, RSK Bank (Kirgizia), State Savings Bank of the Republic of Tajikistan “Amonatbank” and the Uzbekistan National Bank for Foreign Economic Affairs. The Uzbekistan National Bank for Foreign Economic Affairs is to preside over the SCO Interbank Consortium in 2015-2016.


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