MOSCOW, May 16. /TASS/. Sovcombank’s net profit under IFRS for the Q1 of 2024 increased by 11% and amounted to 25 bln rubles ($275.05 mln), the bank announced on Thursday.

"Net profit increased by 11% and amounted to 25 bln rubles (1.21 rubles per share). ROE in the Q1 of 2024 was 35%. For the 12 months ended March 31, 2024, Sovcombank's net profit was a record in its history bank 97 bln rubles (ROE - 41%)," the bank said.

Net profit excluding one-time income amounted to 12.1 bln rubles ($133.12 mln) and increased by 26%.

According to the report, the bank's share capital has grown by 14% since the beginning of the year to 301 bln rubles ($3.31 bln), while assets rose by 13% to 3.6 trillion rubles ($39.6 bln). Net interest income increased by 11% to 36 bln rubles ($396.07 mln). Net commission income decreased as planned by 0.9 bln rubles ($9.9 mln), or 14%, and amounted to 5 bln rubles ($55 mln).