Wednesday, September 6 2017 13:52
Alexandr Avanesov

For the first half of 2017, the assets of the Eurasian Development Bank grew by $ 153.4 million - to $ 3.4 billion

For the first half of 2017, the assets of the Eurasian Development  Bank grew by $ 153.4 million - to $ 3.4 billion

ArmInfo. The Eurasian  Development Bank (EDB) announced financial results in accordance with  the International Financial Reporting Standards (IFRS) for 6 months  of 2017. According to the results of the first half of the year EDB  net profit was $ 17.8 million. 

The net interest income of the EDB before the formation of provisions  for impairment of interest-bearing assets for 6 months of 2017  decreased by $ 11.7 million, or 20.9%, compared to the same period in  2016.  This fact is caused by an increase in the amount of interest  expenses by $ 12.5 million, or by 30.1%. This change was mainly due  to a significant increase in the volume of Repo operations conducted  by the Bank, interest expenses increased by $ 8.9 million. During the  first half of 2017, the Bank established impairment reserves for  interest-bearing assets for $ 15.6 million, which is $ 3.9 million,  or 32.9%, more than similar expenses recognized by the Bank in the  first half of 2016. Net non-interest income for the period amounted  to $ 6.5 million, which is $ 6.9 million less than the net  non-interest income for the same period in 2016. This decrease was  caused by a decrease in income from sale of financial assets  available for sale for $ 5.9 million.

As a result of optimization of operating expenses and maintenance of  budgetary discipline, expenses under this item are almost at the  level of the same period of last year and amounted to $ 17.4 million.  In the first half of 2017, EDB assets grew by $ 153.4 million, or  4.7%, and amounted to $ 3.4 billion. Loans to customers amounted to $  1.49 billion. The volume of signed investment projects reached $ 2.5  billion. The volume of issued debt securities of the Bank at the end  of the reporting period was $ 1.22 billion, which is $ 67.1 million,  or 5.8%, more compared to the end 2016. The EDB's capital for the  first half of 2017 increased by $ 19 million, or 1.1%, to $ 1.69  billion. 

The Eurasian Development Bank (EDB) is an international financial  organization established by Russia and Kazakhstan in January 2006 to  promote the development of the market economy of the participating  countries, their sustainable economic growth and the expansion of  mutual trade and economic ties. The authorized capital of the EDB is  $ 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


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