Renaissance Capital, a leading emerging- and frontier markets investment bank, announces significant growth of its net profit in first half year of 2014, despite challenging market conditions.
The Firm reported a 81 per cent y-o-y increase in its net profit to $8.7million for H1’14 from $4.76 million for H1’13.
The bank achieved a 17per cent cost reduction rate bringing its operating expenses down to $102million in H1’14 from $127.6million in H1’13.
Total operating income reached $114.3million, which is in line with the same period in 2013.
Renaissance Capital’s balance sheet remains strong, with the equity to assets ratio growing to 16.5 per cent in H1’14 from 13.6per cent as of December 31, 2013.
Total assets and equity stand at $3.59billion and $593.2million, respectively.
“In the past six months, Renaissance Capital has continuously demonstrated sustainable business growth.
We have shown profitability in three consecutive reporting periods and achieved a significant increase in the bank’s operating profit in 1H 2014, compared with the same period in 2013.
This is complemented by substantial operating cost reduction and a healthy equity to assets ratio,” said Igor Vayn, Chief Executive Officer, Renaissance Capital.
He added: “Renaissance Capital remains strongly committed to its core regions of Sub-Saharan Africa, Russia and Turkey. We have continuously strengthened our competitive position and grown our market share across all our geographies."
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