MOSCOW, August 15. /TASS/. Net profit of Sovcombank under International Financial Reporting Standards (IFRS) fell by 25% in 1H 2024 year-on-year to 39 bln rubles ($430 mln), the bank reported.

Assets increased by 19% to 3.8 trillion rubles (up by 60% year-on-year). Return on equity (ROE) amounted to 27% in 1H 2024.

Meanwhile, net interest income in absolute terms grew by 17% in the reporting period to 78 bln rubles, while net commission income rose by 26% compared with 1H 2023 to 16 bln rubles.

The bank’s retail loan portfolio went up by 41% (+66% year-on-year) year-to-date to 1.1 trillion rubles. Corporate loan portfolio added 14% (+47% year-on-year) year-to-date to 1.2 trillion rubles.

In 2H 2024 Sovcombank plans to reach similar results as in 1H. However, the continuing growth of interest rates may lead to slowdown of profit, the bank said.

The lender will gradually return to the level of pretax profit of 2023 if growth of interest rates stops, while if interest rates go down the bank plans to reach record results in 2025.