Russia’s VEB.RF swings to 8.4 bln rbl IFRs net profit in 2020

MOSCOW, Mar 26 (PRIME) -- Russian state development corporation VEB.RF posted an 8.4 billion ruble net profit in 2020 after four consecutive years of net losses including a 52.8 billion ruble loss in 2019, as calculated under International Financial Reporting Standards (IFRS), the corporation said in a statement on Friday.

Capital of VEB.RF jumped by 62.1% in 2020 to 689 billion rubles as of the end of the year, and the operating income soared by 71.7% on the year to 235.5 billion rubles in 2020.

Assets of the corporation increased by 6.7% in the year, or by 215.3 billion rubles, to 3.4 trillion rubles mainly on the back of the growing credit and leasing portfolios and investment financial assets, VEB.RF said.

The corporation issued 243.1 billion rubles of loans in 2020 to the companies in the shipbuilding, gas chemical, car building, mainline infrastructure development, airport upgrade, city economy, and IT spheres.

(76.1741 rubles – U.S. $1)

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