The SME Bank, a subsidiary structure of the SME Corporation, published the Intermediate Consolidated Financial Reporting on IFRS for the first quarter of 2024.

Net profits amounted to 258.2 million roubles (compared to a total of 2023, this was 478.2 million roubles).

" The Bank ' s SMEs ' task as a development institution is to increase the number of recipients of financial support. Unlike business structures, profits are not our strategic priority, but the bank must be profit-free. Therefore, there is a need to maintain a portfolio quality balance in the growth of SME credit rates.” The Chair of the Bank ' s ICP Review Board, Director-General of the SME Corporation, Alexander Isaevich.

" During the reporting period of the ICPs, the Bank provided targeted growth in the credit portfolio with continued quality, supported the required volume and diversification of the resource base, significantly increased transaction revenues and showed profits in the I quarter. The financial outcome of the first three months enables us to expect a positive year-on-year profits to be maintained.” Commented by the Chairman of the Board of the Bank, Ivan Podberezniak.

Bank assets as at 31 March 2024 amounted to 107.8 billion roubles, increasing by 9.3 billion roubles in 3 months (+9.5 per cent). The bank ' s credit portfolio (before deductions) increased by 7.5 billion roubles (+9%) from the beginning of the year to 90.7 billion roubles. Client deposits and fund balances for the first quarter of 2024 exceeded 7 billion roubles.

The bank ' s net interest income in the results of the first quarter of 2024 exceeded 1.5 billion roubles, increasing 1.5 times compared to the one in the first quarter of 2023.

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Entrepreneurs in the region are supported through the national project " Small and Medium Enterprise and support for the individual business initiative " initiated by the President of Russia.