Eurasian development bank's assets grow by $153.4 million US dollars in the first half of 2017, reaching US 3.4 billion US dollars (in accordance with IFRS results)

05 september 2017

Almaty, 5 September 2017. Eurasian Development Bank (EDB) has announced its financial results for 6 months of 2017 prepared in accordance with the International Financial Reporting Standards (IFRS). EDB’s net profits for the first half of 2017 are US $17.8 million.

EDB’s net interest income before provisioning for impairment losses on interest bearing assets for 6 months of 2017 declined compared to the same period of 2016 by US $11.7 million or 20.9%. This is a result of an increase in interest expenses by US $12.5 million or 30.1%. This change is mainly caused by a significant growth of the REPO transactions performed by the Bank, where interest expenses increased by US $8.9 million.

Over the first half of 2017, the Bank has created additional provisions for impairment losses on interest bearing assets amounting to US $15.6 million that is US $3.9 million or 32.9% more compared to similar expenses recognised by the Bank in the first half of 2016.

The net interest income was US $6.5 million in the reporting period that is US $6.9 million less than in the same period of 2016. This decline has been caused by incomes from sales of financial assets available for sale going down by US $5.9 million.  

Owing to optimisation of operational expenses and tight budget discipline, expenses under this item are practically at the same level as in the same period of last year, making US $17.4 million.

In the first half of 2017, EDB’s assets grew by US $153.4 million or 4.7%, reaching US $3.4 billion.

The stock of loans provided to customers is US $1.49 billion. The size of signed investment projects has reached US $2.5 billion.

The stock of debt securities issued by the Bank as at the end of the reporting period was US $1.22 billion that is US $67.1 million or 5.8% more than as at end-2016.

Over the first half of 2017, EDB’s capital has grown by US $19 million or 1.1%, reaching US $1.69 billion.

EDB’s financial statement as at 30 June 2017 has been reviewed by Deloitte LLP.

Additional Information:

Eurasian Development Bank (EDB) 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 totals US $7 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.

EDB Media Centre:
+7 (727) 244 05 45, ext. 6147 (Almaty)
+7 (495) 645 04 45, ext. 2724 (Moscow)
pressa@eabr.org

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