1. Q1 2012 IFRS Results
Consistent performance in low season
Conference Call
May 22, 2012

2. Q1 2012 Highlights
Good start of the year: NI of RUB 526 mln, up 65.9%YoY
 Assets remained flat at RUB 183 074 mln
 Share of IEA increased to 79% from 73% in Q4 2011
 Loan portfolio b.p. stood at RUB 143 952 mln, up 4,8% QoQ vs 1,5% for sector
 Corporate portfolio rose to RUB 118 035 mln, up by 4.5% QoQ vs 0% for sector
 Retail portfolio was RUB 25 917mln, up by 6.4 % QoQ in line with sector +6.2%
 Client funds was RUB 142 969 mln down by 1.5% QoQ
 Loan/deposit ratio improved by 606 bps QoQ to 100.7%
 NPL ratio stood at 8.68%, coverage ratio for 1day+ overdue 107%
 Net interest income was Rub 2,149, up 58% YoY
 Net fees and commissions grew by 11.9% YoY to RUB 1,126 mln
 NIM stood at 4.7% versus 3.2% in Q1 2011
 Spread was 6.9%, up 171 bps YoY
 ROE improved to 11.2% up from 7.5% in Q1 2011
 Sufficient capital base (CAR: 13.4%, core Tier 1: 11.8% ), exceeding
regulatory requirements
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3. Financial highlights
Q1’12 Q4’11 Q1’11 QoQ YoY
Interest income 3 769 3 694 3 146 +2.0% +19.8%
Interest expense (1 620) (1 481) (1 782) +9.4% -9.1%
Fee and commission income 1 218 1 486 1 092 -18% +11.5%
Fee and commission expense (92) (118) (86) -22% +6.9%
Other operating income 127 178 169 -28.7 % -24.9%
Total operating income 3 402 3 759 2 539 -9.5% +34.0%
Operating expenses (2 042) (2 405) (1 798) -15.0% +13.6%
Provisions (358) (658) (350) +2.3% -45.6%
Provisions on non-core assets (313) (83) 5 +277% -
Tax (163) (142) (79) +14.8% +106.3%
Net profit 526 471 317 +11.7% +65.9%
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4. NIM maintained at sufficient level supported by
stronger interest income - Interest income keeps recovering on the back
+19.8%
of higher interest rates across the loan book
+2.0%
Interest Expenses
Interest Interest Income
and portfolio growth even though major part
of loans were issued in the end of the period.
Income and In Q1 2012 it was up 2% QoQ to Rub 3.8 bln.
Interest 3.5 3.6 3.7 3.8
3.1
Expenses, - After recordly low levels achieved in Q4 2011
interest expenses started to increase reflecting
RUB bln -1.8 -1.7 -1.6 -1.5 -1.6 higher interest rates on deposits introduced in
H2 2011, cost of funding rose by 29 bps, still
+9.4% remaining on a comfortable level of 4.0%.
-9.1%
Q1’11 Q2’11 Q3’11 Q4’11 Q1’12
+148 bps
NIM
-22bps
- Net interest margin on total average assets
NIM stood at 4.7%, 23 bps lower than in Q4 due to
outpacing growth of interest expenses.
evolution 4.3% 4.6% 4.9% 4.7% Compared to the same period of 2011 NIM
3.2% showed significant improvement from 3.2%.
Q1’11 Q2’11 Q3’11 Q4’11 Q1’12
4

5. Stronger operating efficiency offsets seasonally low
revenues
Net interest income Net fees
Other income Operating Expenses
+34.0% - First quarter is normally characterized by
-9.5% subdued economic activity resulting into lower
Operating 0.1 0.1
0.2
0.1
non-interest income, while on a YoY basis net
commission income grew by 11.9% driven by
0.2 1.4 1.1
Income and 1.0
1.2 1.3
settlement and cash operations and operations
2.0 2.2 2.1 with banking cards. On a year-on-year basis
Expenses, 1.4 1.9
improved interest and non-interest revenues
RUB bln -1.8 -2.1 -2.1 -2.4 -2.0 contributed to 34% hike in total operating
income before provisions.
-15.1%
+13.6% - Operating expenses were down 15% QoQ due
Q1’11 Q2’11 Q3’11 Q4’11 to seasonality and cost control. On a YoY basis
Q1’12
administrative expenses were maintained at
the same level, while 14% growth is mostly
-10.8 pps attributed to accruement of bonuses to be paid
Personnel expenses
in the end of the year in Q1 2012.
Other expenses
71%
Cost to 66%
60%
64%
60%
Income 42%
40% 36%
36%
- Cost to income ratio declined by 395 bps QoQ
37%
before and improved to 60% due to lower level of
operating expenses.
provisions,% 29% 26% 24% 28% 23%
Q1’11 Q2’11 Q3’11 Q4’11 Q1’12
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6. Solid net income growth due to maintained operating
profit coupled with lower level of provisioning
+83.5%
+0,4% - Operating profit was maintained at the level of
Operating Operating profit before provisions
Provisions
Q4 2011 and totaled Rub 1.4 bln supported by
tighth cost control.
profit and
1.4 1.4 1.4
provisions, 0.7
1.1 - The bank charged Rub 358 mln to provisions
for the quarter that lower than in the previous
RUB bln -0.4 -0.6 -0.7 -0.7 -0.4
quarter but in line with the comparable quarter
of 2011. However, general provisioning policy
of the bank remains conservative. Coverage
ratio remained sufficient at 107% for 1 day+
Q1’11 Q2’11 Q3’11 Q4’11 Q1’12 overdue and 146% for 90 days+ overdue.
+65.9%
+11.7%
Net profit - Bottom-line is gradually expanding for the 8th
Net profit, quarter in a row. Thus, net profit for Q1 2012
surged by 66% YoY and 12% QoQ.
RUB bln 0.526
0.411 0.471
0.395
0.317
Q1’11 Q2’11 Q3’11 Q4’11 Q1’12
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7. Assets
Reliable balance sheet… …enhances revenue generation capacity
RUB bln Loans Securities Due from banks RUB bln
177 184 183
174 174 Cash and 79%
27 40 28 equivalents
73%
34 30
17 9
14 Due from
1.0 0.4
17 14 banks 14
21 23 25 9
16 19 Securities
Retail
loans
88 102 103 101 106
Corporate 124 131
loans
Other
assets
9 9 9 10 10
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q4'11 Q1'12
IEA share comprises 79% of total assets LTD ratio at optimal levels
RUB bln
Cash and Other assets Gross loans Customer funds
equivalents L/D ratio
Due from other
5%
banks 16%
98% 99% 101%
0% 92% 95%
Securities 7%
14%
58%
Corporate loan 126
Retail loan 137 133 135 137 138 145 144 143
portfolio 137
portfolio
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12
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8. Loans
Healthy growth with focus on SMEs… …and mortgages in retail…
Rub bln
SME Individuals Administrations Large corporates
Credit cards Consumer and auto loans Mortgages
+14,2% +48,3%
+4,8% +6,4%
2.2
41.2
2.2
35.1 38.1 40.2 2.3 6.8
34.2 2.2 6.8
3.9 2.7 3.3 6.5
8.5 5.5 2.1
20.1 22.5 24.4 25.9 5.8
17.5 4.8
15.4 17.0
65.9 72.0 72.3 70.1 73.6 12.1 13.6
10.5
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12
… in Moscow oblast - key region of presence Breakdown by industry
*as of 31.03.2012 Other *as of 31.03.2012
Transport
Moscow Oblast
(41%) 9%
Agriculture 4%
6%
59,346 28% Manufacturing
Construction
7% RUB
RUB
Other 3% 143,952
143,952
59,591 regions(41%) mln
mln
Wholesale & 23% 18%
25,015 retail trade 2% Individuals
Moscow (18%)
Administrations
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9. Credit quality management
NPLs dynamics Annualized cost of risk
Charges to provisions to
NPLs, RUB mln *
avg gross loans, QoQ
Provisions, % of total portfolio
NPLs, % of total portfolio Charges to provisions to
avg gross loans, YtD 2.14%
1.78% 1.92%
9.26% 9.44%
9,25%
9.15% 9.09%
8.78% 8.31% 8.40% 8.70% 1.16% 1.48% 1.71% 1.77% 1.02%
7.70% 1.02%
11,061 11,030 11,488
12,490 1.16%
10,576
Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012
* NPL includes the whole principal of loans at least one day overdue either on
principal or interest as well as not overdue loans with signs of impairment
NPLs categorization: mild rise in NPL ratio due to one large loan impairment
SMEs Large corporates Retail RUB mln
+ Rub 721 mln new NPLs
- Rub 227 mln recoveries + Rub 1,635 mln new NPLs + Rub 94 mln new NPLs
- Rub 215 mln recoveries - Rub 94 mln recoveries
11.6% 11.3% 11.5% 7.1% 6.9%
11.0% 11.1% 8.9%
8.7% 6.2%
7.6% 5.3%
11.2% 11.1% 10.7% 7.0% 8.3% 6.2% 5.0%
10.4% 10.8% 4.4% 4.3%
5.6% 4.9%
8,263 4.6% 4.3% 3.4% 3.2%
8,195 8,025 8,464 3,400
4.6% 1,379 1,399
7,769 1,980 1,242
827 827
1,624 1,626 1,625
Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012
NPLs, RUB mln Provisions, % of total portfolio NPLs, % of total portfolio
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10. Credit quality
as of 31.03.2012 Large SMEs Mortgages Other Total % of total
corporate retail loans
Gross loans, including 41,211 76,824 16,972 8,945 143,952 100.0% Provisions to
Current loans 37,811 68,561 16,717 8,373 131,462 91,3% NPLs Ratio
Provisions (1,459) (1,258) (245) (164) (3,126) 106.7%
Past-due but not 0.15%
impaired, of them - 52 63 86 201
Less than 90
days - 52 29 70 151 0.10%
Over 90 days - - 34 16 50 0.05% Provisions to
Provisions - - (37) (21) (58) 90 days+
NPLs
Impaired, of them 3,400 8,211 192 486 12,289 8.5%
146%
Less than 90 days 2,558 658 - 27 3,243 2.2%
Over 90 days 842 7,553 192 459 9,046 6.3%
Provisions (2,189) (7,306) (192) (450) (10,137)
Total NPLs 3,400 8,263 255 572 12,490 8.7% Rescheduled
Loans
Provisions (3,648) (8,564) (474) (635) (13,321) 9.3%
37,563 68,260 16,498 8,310 130,631
4.2%
Net Loans -
the whole amount of loans with principal overdue for more than 1 day as well
NPL - as loans with any delay in interest payments.
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11. Liabilities and capital
Funding base remains reliable… … with high share of interest-free funding
RUB bln 184 183 Retail deposits RUB bln
174 174 177 Corporate accounts Retail accounts
Retail accounts Retail deposits Corporate deposits
+4.45%
72 Corp. accounts
69 71 72 -1,5%
70
Corp. deposits
31 32 33 31
30
15 17 16 20 18 Securities issued
18
34%
15 17 16 20
31 30 32 33 31 Due to other banks
21 20 19 20 22 70 69 71 72 72
7 8 6 7 8 Other Liabilities
8 8 9 8 7 Subordinated
4 4 4 4 4
18 18 18 19 loans
17 21 20 19 20 22
Equity
Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012
Matched FX structure Capital position in line with requirements
Data as of March 31, 2012 Tier 1 Tier 1 + Tier 2 CAR
under CBR rules
Assets Liabilities 14.1% (N1)
13.6% 13.4% 13.8% 13.4%
12.0% 11.8% 11.6% 11.9% 11.8% 11.6%
USD
USD 13% 11%
12% MIN
RUB EUR
81% EUR RUB 7%
7% 80%
Other Other
0% 0%
Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 31.03.12
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13. Fees and commissions
Strong non-interest income based on long-term
relations with customers
Net fee income distribution
Cards Other Cash transactions Settlements RUB mln
Share of non-interest
income in total operating +11.9%
income b.p. vbank -17.7%
1,368
peer 1 1,256
37% 1,192
364 1,126
peer 2 1,006 335 348
24% 25% 292 325
20% peer 3 253
226 245
219
19% 196 337
291 310 256
230
Net fee margin 288 340 353 414 326
0.0% 1.0% 2.0% 3.0% 4.0% Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012
* Vbank data as of 1Q’12, Peer1, Peer2, Peer 3, Peer 4 – FY2011
Non-interest income breakdown by segments Key points
Q1 2012 Q4 2011 Despite subdued business activity in the beginning of
the year net fee margin of the bank remained one of
Financial Corporate the highest among peers and stood at 2.5% in Q1 2012
business Financial
4% 3% Net fee income delivered 11,9% growth versus
Cards Cards 20% comparable period of 2011 on the back of higher fees
26% from cash and settlement operations as well as
53%
64% operations with banking cards
13%
Retail business After enormous structure of non-interest income is
17%
Retail business back to normal: corporate business contributed 53%,
Corporate banking cards business delivered 25% and 17% was
business delivered by retail segment
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16. Questions and answers
Elena Mironova Andrey Shalimov
Deputy Head of IR Deputy Chairman of the Management
+7 495 620 90 71 Board
E.Mironova@voz.ru A.Shalimov@voz.ru
investor@voz.ru http://www.vbank.ru/en/investors
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17. Disclaimer
Some of the information in this presentation may contain projections or other forward-looking statements regarding future events or the
future financial performance of Bank Vozrozhdenie (the Bank). Such forward-looking statements are based on numerous assumptions
regarding the Bank’s present and future business strategies and the environment in which the Bank will operate in the future.
The Bank cautions you that these statements are not guarantees of future performance and involve risks, uncertainties and other important
factors that we cannot predict with certainty. Accordingly, our actual outcomes and results may differ materially from what we have
expressed or forecasted in the forward-looking statements. These forward-looking statements speak only as at the date of this presentation
and are subject to change without notice. We do not intend to update these statements to make them conform with actual results.
The Bank is not responsible for statements and forward-looking statements including the following information:
- assessment of the Bank’s future operating and financial results as well as forecasts of the present value of future cash flows and related
factors;
- economic outlook and industry trends;
- the Bank’s anticipated capital expenditures and plans relating to expansion of the Bank’s network and development of the new services;
- the Bank’s expectations as to its position on the financial market and plans on development of the market segments within which the
Bank operates;
- the Bank’s expectations as to regulatory changes and assessment of impact of regulatory initiatives on the Bank’s activity.
Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially
from those expressed or implied by these forward-looking statements. These risks, uncertainties and other factors include:
- risks relating to changes in political, economic and social conditions in Russia as well as changes in global economic conditions;
- risks related to Russian legislation, regulation and taxation;
- risks relating to the Bank’s activity, including the achievement of the anticipated results, levels of profitability and growth, ability to create
and meet demand for the Bank’s services including their promotion, and the ability of the Bank to remain competitive.
Many of these factors are beyond the Bank’s ability to control and predict. Given these and other uncertainties the Bank cautions not to
place undue reliance on any of the forward-looking statements contained herein or otherwise.
The Bank does not undertake any obligations to release publicly any revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable laws.
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