VEB.RF published its interim condensed consolidated IFRS financial statements as at March 31, 2019.

31 may 2019 года
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VEB.RF published its interim condensed consolidated financial statements as prepared in accordance with IFRS as at March 31, 2019.

VEB.RF Group’s key performance indicators for Q1 2019 are as follows:

  • In Q1 2019 VEB.RF Group recognized profit of RUB 17,6 bn, as compared to the loss of RUB 21.5 bn in the corresponding period of 2018.
  • Operating income went up by RUB 80.1 bn to reach RUB 40.7 bn, as compared to operating expense of RUB 39.4 bn in Q1 2018.
  • The Group’s assets as at March 31, 2019 amounted to RUB 3,253.5 bn, declining by 3.2% (RUB -108.4 bn) against the beginning of the year. Asset dynamics was brought about by the reduction in loan portfolio and cash and cash equivalents.
    • Loans to customers account for 46.7% of the Group’s total assets. As compared to 2018 year end loan portfolio after allowance for expected credit loss decreased by 2.7% (RUB -42.9 bn) reaching RUB 1,518.7 bn. Major factors contributing to this decrease were repayment of loans issued by VEB.RF and exchange rate fluctuation.
    • In Q1 2019 there was a reversal of allowance for expected credit loss in the amount of RUB 0.7 bn.
  • Total liabilities of the Group as at March 31, 2019 amounted to RUB 2,922.9 bn. The decrease against the beginning of 2019 amounted to 5.0% (RUB -154.9 bn), primarily because of a decline in amounts due to banks.
    • Amounts due to banks and debt securities issued account for 49.8% of total liabilities (as at 2018 year end this share was 52.5%).
  • The Group’s equity in the first quarter of 2019 went up by RUB 46.5 bn (RUB +16.4%) and as at March 31, 2019 reached RUB 330.6 bn. Net profit for the quarter and the federal budget subsidies, as part of state support measures, were the factors that positively affected equity dynamics.
    • In the first quarter of 2019 VEB.RF received a subsidy from the federal budget in the form of an asset contribution of the Russian Federation of RUB 7.7 bn to compensate for costs related to the fulfillment of obligations arising from foreign borrowings in the capital markets. The whole amount of the subsidy was recognized within authorized capital.
    • Also in the reporting period VEB.RF received a subsidy of RUB 9.7 bn from the federal budget as an asset contribution of the Russian Federation in order to make a contribution to the share capital of JSC Far East and Baikal Region Development Fund for the implementation of priority investment projects in the Far Eastern Federal District. The whole amount of the subsidy was recognized within additional paid-in capital.
    • VEB.RF’s capital adequacy ratio (according to RAS) was 13.9% as at 01.04.2019 (11.8% as at 01.01.2019).

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Short-term exchange-traded bonds issued by VEB.RF

26 april 2019 года
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VEB.RF issued short-term bonds in additional placements to companies and corporations on 24, 25 and 26 April 2019.

The Bank raised 15.537 billion roubles, including 3 billion roubles from bonds with a maturity of 14 days and a coupon of 7.66% p.a., 3.33 billion roubles from bonds with a maturity of 21 days and a coupon of 7.66% p.a., and 9.207 billion roubles from bonds with a maturity of 28 days and a coupon of 7.65% p.a.

The par value of one bond is 1,000 roubles. The bonds were sold at 100% of their par value. The coupon is payable at maturity.

The arrangers of the bond issue are Gazprombank and Svyaz-Bank.

The bonds are on the Moscow Exchange’s Quotation List Level 1. The depository is National Settlement Depository.

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Short-Term Exchange-Traded Bonds Issued by VEB.RF

19 april 2019 года
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VEB.RF issued short-term bonds in additional placements to companies and corporations on 17 and 19 April 2019.

The Bank raised 13.0 billion roubles, including 12.5 billion roubles from bonds with a maturity of 28 days and a coupon of 7.62% p.a. and 500 billion roubles from bonds with a maturity of 28 days and a coupon of 7.64% p.a.

The par value of one bond is 1,000 roubles. The bonds were sold at 100% of their par value. The coupon is payable at maturity.

The arrangers of the bond issue are Gazprombank and Svyaz-Bank.

The bonds are on the Moscow Exchange’s Quotation List Level 1. The depository is National Settlement Depository.

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Heads of VEB.RF and Development Institutions to Visit Nizhniy Novgorod

18 april 2019 года
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The executive team of development institutions headed by VEB.RF’s Chairman Igor Shuvalov is visiting Nizhniy Novgorod on 19 April.

The team includes CEOs from VEB.RF, Russian Export Center, DOM.RF, MONOGORODA.RF, RSMB Corporation and VEB Innovations. The programme of the visit envisages a meeting between Igor Shuvalov and Nizhniy Novgorod Region’s Governor Gleb Nikitin.

The delegation will discuss the potential involvement of development institutions in promising investment projects in the region including modern urban environment facilities and transport infrastructure. The participants will also assess DOM.RF’s municipal improvement projects carried out in Nizhniy Novgorod.

MONOGORODA.RF Foundation will organise training for representatives of single-industry towns located in Volga Federal District, businesses and banks in implementing new aid measures. The region’s tourism development initiatives include a Walk Through the City project to be launched in the single-industry town of Volodarsk.

RSMB Corporation will present four investment projects, which can be backed by loans and guarantees under the SME Lending Promotion Programme and the National Guarantee System.

Russian Export Center will hold meetings with regional export-oriented companies. Discussion topics will include accelerator programmes and corporate competitiveness improvement programmes.

Global City Hackathon scheduled to be open during the forthcoming visit will allow the participants to develop digital service prototypes to address urban challenges. VEB Innovations will deliver a lecture for urban planning startups.

  

VEB.RF is a state development corporation. In partnership with commercial banks and investors, VEB.RF is involved in national projects designed to support high value-added manufacturing, non-resource exports, urban agglomeration and infrastructure development. VEB.RF coordinates activities of the largest national development institutions: Russian Export Center, DOM.RF, RSMB Corporation, the Far East and Baikal Region Development Fund, MONOGORODA.RF Foundation.

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VEB and Russian Ministry of Agriculture to Jointly Conduct Expert Examination of Agri-Logistics Projects

18 april 2019 года
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Moscow School of Management Skolkovo hosted a strategic session Agri-Logistics 2019. The focus of attention was on building an integrated agri-logistics infrastructure to promote Russian products in global markets and ensure national food security.

The session participants included VEB.RF’s Chairman Igor Shuvalov, Minister of Agriculture Dmitry Patrushev, Deputy Minister of Agriculture Oksana Lut, Deputy Minister of Industry and Trade Victor Evtukhov, Member of the Board (Minister) for Trade of the Eurasian Economic Commission Veronika Nikishina, Director General of Russian Export Center Andrey Slepnev, and representatives of businesses, government agencies, and expert organisations.

The participants addressed the issues of building an integrated agri-logistics and trade infrastructure to promote Russian products in global markets and ensure national food security. In particular, extensive work has to be done to modernise and expand the capacity of the railway and port infrastructure, build logistics centres, and reduce transportation costs for agricultural products.

VEB.RF’s Chairman Igor Shuvalov said: “We need to develop the market infrastructure. We need to offer our people a greater variety of quality food products at more affordable prices. Producers would be able to more efficiently deliver and sell their products in both the national and international markets. We need to learn to establish mutually beneficial relations both within the Eurasian Economic Union and with our other partners. We see our goal in building a competitive global logistics infrastructure in partnership with market participants.”

“Infrastructure development is imperative to accomplish the task of increasing annual agricultural exports to 45 billion US dollars set by the President. We need to work out the most optimal configuration of routes for national products to reach foreign markets.   As practice shows, it is often easier to manufacture goods rather than to deliver the required amount of goods of the required quality to ultimate consumers. We offer VEB.RF to conduct joint expert examination of the agricultural projects to be delivered with the involvement of development institutions,” Dmitry Patrushev said.

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