The Central Bank of Russia (CBR) completed full audit of our bank for past 3 years

• CBR has conducted a 3 year full audit of ProCommerce Bank, covering all areas including quality of loan portfolio and related provisioning, liquidity, operations, FX position, compliance with CBR ratios and full regulations on risk management, internal control, currency control, financial monitoring of its operations, and others.

• The audit resulted positively, the bank fully applied the recommendations suggested by the CBR and further established additional reserves for an amount of Rub 19.9 million, corresponding to 4.8% of total gross loan portfolio.

• The bank targets to minimize negative effects of additional provisions by the end of the year, by partially closing such loans extended to those clients that have not passed thru CBR’s credit criteria.

• As a result of the CBR’s audit the bank has fully provisioned (100%) on all loans that have potential risk of overdue, in line with the criteria of CBR.