Otkritie FC Bk can post IFRS net profit, raise retail loans 80% ‘18

MOSCOW, Feb 22 (PRIME) -- Otkritie Financial Corporation (FC) Bank plans to attain a net profit under International Financial Reporting Standards (IFRS) and to raise the amount of retail loans by 80% in 2018, the bank said in a statement on Thursday.

“The supervisory board of Otkritie FC Bank has confirmed a business plan for 2018. The bank plans to attain a positive financial result under IFRS this year, significantly raise the loan portfolio and the amount of borrowings by a third,” the bank said.

“Lending growth is seen as primarily based on the retail business. The bank’s most ambitious plans are in the retail loan segment. Otkritie plans to double their amount. The total amount of loans given to individuals will rise by 80% by the end of the year.”

Corporate lending is planned to grow as well and the combined loan portfolio can rise by 17% in 2018.

In 2017, the central bank started a bailout of Otkritie FC Bank with the Banking Sector Consolidation Fund.

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