ProCommerce Bank completed 2018 with positive net operating income of RUB 13.3 million.  In 2018 we had to form Rub 44.9 million of additional loan loss provisions on our loan portfolio during the year (9% of the loan portfolio as of 31.12.2018). 

Gross Loan portfolio stood at Rub 504.8 million (decrease of 2.5% from end of 2017). We had provisioned 100% reserves on two problematic loans totalling Rub 33.5 million, as a result the end of year loss has become Rub 31.6 million.

In 2018 the Bank received stable net interest income and slightly higher operational expenses due to unplanned costs incused due to new reporting system requirements and expenses during receipt of a new base banking license.

We strongly believe we will return to our profitable operation in 2019 and gain back majority of our losses from problematic loans.