CREDIT BANK OF MOSCOW (CBOM) Q4 2024 earnings summary

Executive summary

• Net income for 2024 was RUB 20.9 billion, down from RUB 59.8 billion in 2023, with EPS at RUB 0.48 versus RUB 1.69 year-over-year.

• Ranked as the 6th largest bank in Russia by total assets, with RUB 5.01 trillion as of December 31, 2024.

• Universal bank with a focus on corporate clients, operating 95 branches and serving over 42,000 active large and medium-sized corporate clients.

• The year was marked by continued sanctions pressure, regulatory changes, and a potential reorganisation pending CBR approval.

• Recognized for high reliability and strong ESG performance, with multiple credit and ESG rating upgrades in 2024.

Financial highlights

• Net income for 12m2024 was RUB 20.9 billion, down from RUB 59.8 billion in 12m2023.

• Operating income before provisions reached RUB 111 billion for 12m2024.

• Net interest income declined to RUB 105.8 billion from RUB 116.2 billion year-over-year.

• Loans to customers grew to RUB 2.70 trillion from RUB 2.35 trillion, while customer deposits rose by 11.1% to RUB 3.18 trillion.

• Total assets grew by 7.3% year-over-year to RUB 5.01 trillion as of December 31, 2024.

Outlook and guidance

• Management emphasizes continued focus on risk-adjusted returns, fee-based services, and international expansion, especially in Southeast Asia and the Middle East.

• Sustainable development strategy for 2024-2026 approved, with ongoing ESG initiatives and transparency recognized by rating agencies.

• The bank expects to realise deferred tax assets and liabilities at a new 25% tax rate from 2025.

• Management continues to seek regulatory approval for a potential reorganisation to address blocked assets.