EDB publishes financial statements for 2012
In 2012 the Bank’s investment portfolio increased by US $1,127 million (up by 34%) to US $4,593 million. Its assets totalled US $3,884 million (up by 37%).
Almaty, 20 February 2013. Eurasian Development Bank (EDB) rated A3 by Moody’s, BBB by S&P and BBB by Fitch and having a SOV/CCO buyer rating from the Organisation for Economic Cooperation and Development (OECD) published its financial statements for 2012 prepared in accordance with the IFRS. The statements were audited by KPMG Audit, an independent auditor.
EDB’s key financial indicators in 2012 were as follows:
The Bank’s total assets amounted US $3,884 million, up by 37% or US $1,046 million compared to 2011;
Loans to customers increased up to US $1,890 million, growth of US $546 million or 41% since 2011;
Debt securities issued by the Bank comprised US $2,092 million, a twofold increase (by US $1,054 million) compared to 2011;
The Bank’s equity increased by US $29 million and amounted US $1,709 million;
The net profit for the year 2012 comprised US $12 million; and
Total comprehansive income was US $29 million, growth of 77% compared to 2011.
EDB’s cumulative investment portfolio increased by 34% since 2011 to the amount of US $4.6 billion. The portfolio now comprises 81 projects in the Member states.
«Twenty-two new projects were added to the Bank’s portfolio in 2012 ensuring an increase of US $1.2 billion by the end of the year,» says Igor Finogenov, Chairman of the EDB Management Board. «The energy and transport sectors continue to account for the largest portion of projects financed by the Bank and this is in line with EDB’s strategy. A total of 58% of the Bank’s investments were placed into these projects.»
EDB’s projects have significant integration effects. The Bank’s experts estimate that as at the end of 2012 its investment portfolio had potential to generate mutual trade flows to the volume of US $1,595 million per year, up by 44% since 2011. The increase in mutual investments backed by the Bank’s projects comprised US $1,585 million, up by 40% compared to 2011.
In 2012 EDB as the Resources Manager of the EurAsEC Anti-Crisis Fund (ACF) transferred to Belarus the third tranche of the ACF financial credit in the amount of US $440 million. The total amount of the ACF loans provided to the Member states reached US $1,750 million.
In addition, EDB continued to provide financial assistance to pre-investment and innovation research at the interstate, country and sectoral levels: by the end of 2012 the Bank’s Technical Assistance Fund have financed 40 projects for amount of US $5.5 million.
In 2012 EDB placed five bond issues in the US dollars, Russian roubles and Kazakhstani tenge. The third issue of EDB’s Eurobonds, which amounted to US $500 million and was placed in September, has become the best issue in terms of placement conditions among ten-year US dollar denominated Eurobonds placed by CIS financial institutions. The demand for these securities exceeded the Bank’s offer by more than 12 times. In addition, the Bank continued to proactively raise funds in the local debt markets of Russia and Kazakhstan, having placed two issues in the Russian roubles and one in the Kazakhstani tenge.
Additional information about EDB’s financial results in 2012 is available at the Bank’s website.
Additional Information
Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital exceeds US $1.5 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. Read more at https://www.eabr.org.