The SMP Bank published the first reporting since 2015 on international standards, where the financial result is no longer affected by soft loans from the Deposit Insurance Agency (DIA) to save Mosoblbank in the total amount of 169 billion rubles. Until now, due to these loans, the bank has shown much better results than demonstrated by its own operating activities.
The profit of the SMP Bank, which is controlled by businessman Arkady Rotenberg, in the first half of the year decreased by 37 times compared to the same period last year - up to 607.9 million rubles., Follows from the reporting on international standards. This is largely due to the revision of the policy of repaying the loan from DIA for the rehabilitation of Mosoblbank. "Upon initial recognition, these loans were carried at the estimated fair value in accordance with the accounting rules for financial instruments," the SMP Bank reports. "Revenues from initial recognition were recognized in profit or loss." However, in 2016, the approach to determining the conditional market rate for these loans was changed in accordance with "publicly available market information", it is specified in the accounts. The change in accounting policy coincided with the change in the auditor - instead of the previously audited KPMG SMP bank's statements in the first half of the year, its auditor assured the auditor EY.
Mosoblbank, which identified off-balance-sheet deposits of 76 billion rubles, is being sanated by the SMP Bank since May 2014. In June 2014, the DIA provided loans for the rehabilitation of 96.8 billion rubles. and 20.2 billion rubles. for a period of ten years. In April 2015, the term of the loan in the amount of 96.8 billion rubles. Was extended by two years. In 2015, another 12.2 billion and 31 billion rubles were granted. For 12 years. In June 2016 - 8.5 billion rubles. All loans were provided at 0.51% per annum. In total, SMP Bank received for the rehabilitation of 168.7 billion rubles.
The discount rate for recognizing borrowings from the DIA was changed by the SMP Bank in such a way that it reduced the effect of revenue recognition (as the difference between the market rate and the preferential rate of DIA) on these loans in 2015, explained Dmitry Lukashov, IFC Markets analyst. "This increased its accumulated losses for 2015 from 20 to 32 billion rubles." - The expert pointed out. "But thanks to a change in accounting policy, the bank was able in all subsequent years to recognize interest expenses in a smaller amount until the repayment of loans to DIA, that is, it actually improved its future financial result by redistributing it between years," Mr. Lukashov said.
The SMP Bank believes that the decline in profit is due to other reasons. "Support for profit as such was absent in past periods. In the first half of 2016, Mosoblbank received the last tranche of DIA, the effect of initial recognition of which amounted to plus 5.6 billion rubles. - Another significant amount of profit in the first half of last year was due to a revaluation of the securities portfolio, but in the current Period of such a market situation in the financial markets did not work out. " The press service added that the effects from the initial recognition of the received tranches were reflected in the reporting period when they were actually received.
The SMP Bank became a hostage of its non-conservative policy on accounting for funds for sanitation received before 2016 inclusive, the source of Kommersant believes in one of the sanatorium banks. "Other sanatoria, as a rule, take into account the effects of the loans received for sanation through capital accounts, and do not spend them through P & L (profit-loss)," the banker said.