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LequteMan
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Despite challenging market conditions, Renaissance Capital, a leading emerging and frontier markets investment bank, announces significant growth of its net profit in H1 2014.
Excerpt from BusinessDay:
The firm reported 81 percent y-o-y increase in its net profit to $8.7 million for H1’14 from $4.76 million for H1’13. The bank achieved a 17 percent cost reduction rate bringing its operating expenses down to $102 million in H1’14 from $127.6 million in H1’13. Total operating income reached $114.3 million, which is in line with the same period in 2013. Renaissance Capital’s balance sheet remains strong, with the equity to assets ratio growing to 16.5 percent in H1’14 from 13.6 percent, as of December 31, 2013. Total assets and equity stand at $3.59 billion and $593.2 million, respectively.
“In the past six months, Renaissance Capital has continuously demonstrated sustainable business growth. We have shown profitability in three consecutive reporting periods and achieved a significant increase in the bank’s operating profit in H1 2014, compared with the same period in 2013. This is complemented by substantial operating cost reduction and a healthy equity to assets ratio,” said Igor Vayn, CEO, Renaissance Capital.
“Renaissance Capital remains strongly committed to its core regions of sub-Saharan Africa, Russia and Turkey. We have continuously strengthened our competitive position and grown our market share across all our geographies. Recently, the firm has expanded its footprint to include Dubai, where it has applied for and received a dealing and advising on securities license. This financial hub represents a key base off which we intend to build a market-leading offering in the Middle East and North Africa space. We are pleased with the Firm’s performance results, particularly against the backdrop of a global market slowdown, and are looking forward to new challenges ahead.”
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#RenaisanceCapital
Excerpt from BusinessDay:
The firm reported 81 percent y-o-y increase in its net profit to $8.7 million for H1’14 from $4.76 million for H1’13. The bank achieved a 17 percent cost reduction rate bringing its operating expenses down to $102 million in H1’14 from $127.6 million in H1’13. Total operating income reached $114.3 million, which is in line with the same period in 2013. Renaissance Capital’s balance sheet remains strong, with the equity to assets ratio growing to 16.5 percent in H1’14 from 13.6 percent, as of December 31, 2013. Total assets and equity stand at $3.59 billion and $593.2 million, respectively.
“In the past six months, Renaissance Capital has continuously demonstrated sustainable business growth. We have shown profitability in three consecutive reporting periods and achieved a significant increase in the bank’s operating profit in H1 2014, compared with the same period in 2013. This is complemented by substantial operating cost reduction and a healthy equity to assets ratio,” said Igor Vayn, CEO, Renaissance Capital.
“Renaissance Capital remains strongly committed to its core regions of sub-Saharan Africa, Russia and Turkey. We have continuously strengthened our competitive position and grown our market share across all our geographies. Recently, the firm has expanded its footprint to include Dubai, where it has applied for and received a dealing and advising on securities license. This financial hub represents a key base off which we intend to build a market-leading offering in the Middle East and North Africa space. We are pleased with the Firm’s performance results, particularly against the backdrop of a global market slowdown, and are looking forward to new challenges ahead.”
click here to read more
#RenaisanceCapital