CEO: Expobank’s net profit may soar 90% to over 3 bln rbl in 2019

BARCELONA, Oct 4 (PRIME) -- The net profit of Russia’s Expobank group may soar by about 90% on the year to more than 3 billion rubles in 2019 as calculated under International Financial Reporting Standards (IFRS), CEO Alexei Sannikov told reporters on Friday.

“We will meet all the targets of our business plan. As of today, the net profit of our group stands at 2.2 billion rubles over the eight months. I think that we will continue the year with this growth. Profit will exceed 3 billion rubles,” he said.

Igor Kim, core owner of Expobank, told reporters that the bank was considering several merger and acquisition deals with other banks.

“We think that we will consider M&A deals in the future as a possibility. We have no goal to buy banks at any price, we will only see it as a possibility. If we see that it would allow us to strengthen our franchise, to strengthen the market position, we will definitely implement such a deal,” he said, adding that the bank was considering several deals at the time.

Kirill Nifontov, member of the bank’s board of directors, said that some merger and acquisition deals might happen in the next five years.

(65.1312 rubles – U.S. $1)

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