27 May 2025

Russian Agricultural Bank has published interim summary consolidated financial results for Q1 2025 in accordance with International Financial Reporting Standards (IFRS).

According to the financial results of Russian Agricultural Bank Group (hereafter – RusAg Group, the Group, RusAg or the Bank) for the first three months of 2025, the Group’s net profit amounted to RUB 19.7 billion - 1.5 times more than in the same period of 2024. The Group’s assets as of 31 March 2025 amounted to RUB 5.402 trillion.

“The results of the first quarter of 2025 demonstrate the sustainability of RusAg Group and the effectiveness of the chosen strategy. The Group ensured growth and support for lending in the agribusiness segment, which is a priority for us, while maintaining the quality of the loan portfolio. The financial results of the first three months and our conservative business strategy allow us to expect positive profit dynamics at year-end,” commented Kirill Levin, First Deputy Chairman of the Board at RusAg.

The Group's loan portfolio (before provisions) for the first quarter of 2025 decreased by RUB 40 billion (-0.9%) and amounted to RUB 4.198 trillion. At the same time, the decrease in the total loan portfolio was due to the reduction of the Bank's non-core portfolio (non-agricultural segment). At the same time, RusAg’s agribusiness loan portfolio (according to Russian Accounting Standards) increased by RUB 48.8 billion (by 2%) and amounted to RUB 2.522 trillion.

In Q1 2025, the volume of agribusiness loans issued by the Bank increased by RUB 64.9 billion (+15.3%) compared to the same period last year and amounted to RUB 489.4 billion. n particular, the volume of loans provided for seasonal work add up 5.8% to RUB 208.5 billion. RusAg is the core bank of the agricultural industry, providing 34% of the volume of loans to agribusiness and 76% of the financing of seasonal work in the country.

The gross corporate loan portfolio (including loans at fair value through profit or loss) decreased by RUB 22.9 billion (-0.6%) to RUB 3.634 trillion in the first 3 months of this year due to the reduction of the Bank's non-core portfolio. The slowdown in retail lending over the period was due to the Group's conservative risk policy and the priority of financial support for the agricultural industry - the gross retail loan portfolio amounted to RUB 563.6 billion (-3%).

Retail deposits and current accounts increased by RUB 73.9 billion (+3.4%) to RUB 2.245 trillion. Corporate deposits and current accounts, including state authorities, decreased by RUB 88.3 billion (-4.5%) and amounted to RUB 1.860 trillion. Corporate deposits and current accounts, excluding state authorities, decreased by RUB 24.8 billion (-1.5%) compared to the year-end of 2024 and amounted to RUB 1.604 trillion. In the first quarter of 2025, total customers deposits and current accounts decreased by RUB 14.3 billion (-0.3%) and amounted to RUB 4.105 trillion.

Loan-to-deposit ratio (LTD) stood at 102.3% as of March 31, 2025.

Net interest income amounted to RUB 31.1 billion in the first quarter of 2025, up 0.2% from RUB 31.0 billion in the same period of 2024. Net fee and commission income amounted to RUB 5.7 billion compared to RUB 4.8 billion in 1Q 2024 (+18.6%).

The Group's net interest margin for first quarter of 2025 amounted to 2.4%. The ratio of operating expenses to net operating income before allowance for credit (Cost-to-Income ratio) amounted to 51%.

As of March 31, 2025, the Group's equity (according to IFRS) amounted to RUB 338.9 billion, having increased by 10.2% in three months. Capital adequacy ratio H1.0 (under the Bank of Russia requirements) stood at 12,4% as of April 1, 2025.