Russian lender Sovcombank is the country’s best bank for 2018 according to Euromoney, the business and finance magazine said on Friday.
Low-interest rates and returning consumer confidence created a fertile environment for Russia’s retail lenders last year, Euromoney said. Sovcombank took full advantage of this trend, expanding its loan portfolio by 39%. Retail lending remained the key driver of revenues and profitability for the combined entity last year, however, accounting for the majority of 44% rise in net interest income.
The Awards jury also praised the bank for last year’s successful acquisition and integration of Rosevrobank, which allowed Sovcombank to solidify its position in the corporate segment, taking it to the 13th place in the Russian bank ranking by asset size while also boosting the bank’s capital to over 100 billion rubles ($1.58 billion).
In addition, a number of major investment funds from the Middle East and Asia, including the Saudi Public Investment Fund, the Russia-China Investment Fund (RCIF), the Russian Direct Investment Fund (RDIF), the Russia-Japan Investment Fund (RJIF), have acquired a stake in Sovcombank – another positive sign for the Awards experts.
The Awards for Excellence jury is comprised of prominent Euromoney editors, journalists, and analysts. To determine the winner they reviewed the bank’s position in the market, its market share, key performance results, asset growth rates, capital, and innovations. The Euromoney also interviewed other industry experts across the world to name the best bank.
“For Sovcombank, it is a great honor to have been named Russia’s best bank by such a reputable and credible magazine. Winning one of the most high-profile awards in global finance attests to the recognition of our success at the international level,” said Dmitry Gusev, Chairman of the Management Board at Sovcombank.
