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AK Bars Bank aims for tenfold profit boost under new strategy

PAO AK Bars Bank approved a new strategy under which it aims to boost net profit by a factor of more than 10 and increase its return on assets to 1.5% by 2021.

AK Bars Bank posted an IFRS net profit of 3.8 billion rubles for the first nine months of 2016, with its return on assets reaching 1.2%. The bank, based in Kazan in southwest Russia, also plans to double its assets from the current level of 450 billion Russian rubles and expand the number of corporate and retail customers by more than 2.5x.

The lender also said separately that its board of directors had convened an extraordinary general meeting of shareholders for Jan. 30, 2017, to consider a share capital increase.

As of Dec. 21, US$1 was equivalent to 61.13 Russian rubles.