M. Novikov

Nomos Bank received 3.2 billion rubles in net profit under IFRS in the first quarter of 2011, the bank reported. It became the first private Russian bank to conduct an IPO on a foreign platform. The placement took place in April, when the bank provided investors with its 2010 financial statements, according to which the bank earned 7.4 billion rubles.

Net interest income for the first quarter amounted to 6.2 billion rubles. The bank managed to maintain the net interest margin at the level of last year - 5.2%. This is the second result after Sberbank among the banks that reported for the first quarter. At the same time, Nomos Bank's margin is stable - Sberbank's margin for the first quarter decreased from 7.3 to 6.2%, Vozrozhdenie's - from 3.5 to 3.2%, Promsvyazbank's - from 4.7 to 4.1%, recalls Gazprombank analyst Yuri Tulinov. Alfa Bank analysts reported yesterday that, following Sberbank, they reduced the net interest margin forecast for Vozrozhdenie and Bank Saint Petersburg.

Nomos-bank

commercial bank. shareholders: Peter Kellner (PPF, 26.49%), Alexander Nesis (18.66%), Alexey Gudaitis (12.24%), Nikolay Dobrinov (7.56%), Dmitry Sokolov and Igor Finogenov (4.15% each). capitalization – 83.4 billion rubles. financial indicators (IFRS, March 31, 2011): assets – 570 billion rubles, capital – 49.2 billion rubles, profit – 3.2 billion rubles.

Nomos Bank's assets grew by 7.4% to 570 billion rubles in the quarter, the loan portfolio by 4.6% to 355 billion, which is twice as fast as the market (growth of 2.3%), analysts at VTB Capital note. The quality of the portfolio remains high. At the end of last year, Nomos Bank, improving its balance before the IPO, reduced bad debts from 6.4 to 2.4%, and now this share has not changed. The level of coverage of bad debts by reserves is 181.4%. Nevertheless, the bank does not plan a pure restoration of reserves, says Deputy CFO of the bank Maxim Nazimok. "The bank's loan portfolio continues to grow, we also need to reserve new loans," he explains. The bank plans to allocate no more than 1% of the loan portfolio to create reserves. At the same time, the growth of the loan portfolio for 2011 is planned at the level of 30%.

The structure of the loan portfolio disclosed by the bank has changed. If at the end of 2010 almost 30% were loans to investment, management and brokerage companies (94 billion rubles), now only 43.7 billion rubles are loans to brokerage companies, and investment management companies are not singled out as borrowers. Nomos-Bank classified repo transactions in IFRS as loans to brokerage companies, and financing of M&A transactions, which the bank's corporate block handled, as loans to investment companies. "These are external transactions, they do not relate to the Nomos-Bank group, but during the road show investors had many questions, we had to reclassify M&A by industry depending on which industry the borrower belongs to," Nazimok explains. Repo transactions are still accounted for, he specified.

Of the 3.2 billion rubles of net profit, 1.6 billion is due to the "effect of the consolidation of the Khanty-Mansiysk Bank [KhMB]," according to IFRS. During the consolidation, the entire loan portfolio of KMB, minus the created reserves, was included in the portfolio of Nomos Bank, Nazimok explains. When KMB loans are repaid, these reserves are reflected as restored in profit, but at the same time, KMB creates reserves for new issuance, he explains.

"We expected more modest results in terms of the bank's margin and profitability," admits VTB Capital analyst Mikhail Shlemov. The return on capital was 21.2%, and for the entire year this figure should be no lower than 20%, Nazimok expects. "Such a return on capital will be equivalent to a net profit of over 11 billion rubles for 2011," he says.

Yesterday, the bank's shares on the MICEX rose by 1.8%, the MICEX index rose by 0.03%. On the London Stock Exchange, Nomos's papers rose by 1.17% to $17.35. The placement price was $17.5.

As a percentage of Sberbank