Monday, October 23, 2017

Nomos small business lending unit sees 6.9 percent growth increase

In the first quarter, Nomos Bank's lending to small businesses rose to $1.25 billion, marking a 6.9 percent increase from the end of last year.

The small business segment is one of the fastest growing segments of the group's business, with the share of loans reaching 6.5 percent at the end of March.

"Small business has always been and remains one of the priorities in the strategy of the Group of Nomos Bank," Fedor Sytin, the director of Nomos' small business unit, said. "This year, we plan to ensure the growth of the loan portfolio and other indicators of small business above the average. In 2013, we will offer a wide range of additional credit, insurance and cash settlement products that enable our customers to receive a full range of financial services at competitive prices."

For the first quarter, the operating income before provisions for impairment of assets in the small business unit amounted to around $40 million-- 10.8 percent of the aggregate in four key business segments of the group.

Segment net income was at $14.26 million, an increase of 1.3 times compared with the first quarter of last year. Nomos Bank has served around 81,900 small business clients since March 31.

Nomos Bank is the sixth largest Russian banking group by assets. It is among the two largest Russian private universal banks with consolidated assets amounting to $28.03 billion, and a net worth of $2.86 billion. Its regional network includes offices in Moscow, St. Petersburg, Tyumen, Novosibirsk and Khabarovsk. Nomos Group provides services to corporate, retail and small business segments.