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Bank of Moscow joins program of assistance to mortgage borrowers

August 13, 2015 | IA AK&M

Financially challenged clients of Bank of Moscow can now have their mortgage loans restructured under the government's program of assistance to certain groups of mortgage borrowers, the bank informed.

The bank have signed an agreement with AHML on participating in the program.

In the first half of 2015, Bank of Moscow provided 5,335 mortgage loans for a total amount of RUB 10.2 billion. In H1 2015, the bank expanded its retail loan portfolio to RUB 255 billion reaching 2.38% of the Russian consumer crediting market. In the 6-month period, Bank of Moscow's loan portfolio increased by 3.4%.

Besides Bank of Moscow, VTB 24, Gazprombank, DeltaCredit, Absolut Bank, Khanty-Mansiysk bank Otkritie, UniCredit Bank, Sobinbank, JSC Housing Finance Bank, Zenit Bank, LOCKO-Bank, FORA-BANK and SMP Bank have joined the state program.

OJSC The Agency for Housing Mortgage Lending / AHML (tax number: 7729355614) was established in 1997. AHML's mission is to contribute to the development of the federal housing mortgage lending system in Russia. The agency's standards are employed by operators in 78 subjects of the Russian Federation. 100% of the company's shares belong to the Government of Russia.

IFRS net profit of OJSC AHML for 2014 decreased by 41% to RUB 4.597 billion from RUB 7.791 billion in 2013, pre-tax profit by 32.4% to RUB 6.481 billion from RUB 9.594 billion.

Joint stock commercial bank - Bank of Moscow OJSC (tax number: 7702000406) established in 1995 is among 30 major Russian banks. The Bank of Moscow is a financial agent of the Government of Moscow on investments, as well as an authorized bank for issuing and servicing the bonds of Moscow city. VTB owns 96.88% of Bank of Moscow shares.

As of December 31, 2014, the group operated in Russia through one parent bank with a regional network comprising 10 branches.

IFRS net profit of Bank of Moscow for 2014 dropped 15.7 times to RUB 2.4 billion from RUB 37.7 billion in 2013. Net interest income increased by 3.7% year-on-year to RUB 62.4 billion.

RAS net loss of Bank of Moscow for Q1 2015 was RUB 33.151 billion against a profit of RUB 44.5 million the year before. Loss before tax was RUB 32.594 billion against a pre-tax profit of RUB 597.53 million.

Company: BM-Bank

Full company nameBM-Bank (Public Joint Stock Company)
Country of riskRussia
Country of registrationRussia
IndustryBanks

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