Wednesday, August 23, 2017

Nomos Group's small business lending increases 14.3 percent

Nomos Group announced recently that it has issued a total of $1.34 billion in loans to small businesses as of June 30, marking a 14.3 percent increase since December 2012.

The small business segment continues to be one of the group's fastest-growing segments with the small business loan portfolio, accounting for 6.3 percent of the total loan portfolio of the group, including corporate, retail, small and investment business.

"Developing the small business segment continues to be a priority for Nomos Bank," Fedor Sytin, the head of Nomos Bank's small business segment, said. "The segment continues to grow above the average market rate. Quite a large number of services and new loan products are being developed: very soon, we will come up with new interesting solutions."

The small business segment's operating income before provisions for impairment totaled $80 million in the first half of the year--11.6 percent of the aggregate of the group's four key business segments.

The segment saw a 1.4 percent year-on-year increase in its net income for the first half of 2013, amounting to $25.6 million. Nomos Group served 85,000 small business clients as of June 30.

Nomos Bank is the sixth-largest banking group in Russia by total assets. It is the second-largest privately owned Russian universal banking group.