Structure Assets

  As of 31 December 2010 As of 31 December 2009 Change, %
RUB m Amount % of amount Amount % of amount  
Loan portfolio 6,191,910   5,443,845   13.7
Provision for loan impairment (702,523)   (579,814)   21.2
Loan portfolio, net 5,489,387 63.6 4,864,031 68.5 12.9
Securities 1,823,648 21.1 1,064,135 15.0 71.4
Cash and cash equivalents 719,601 8.3 725,521 10.2 (0.8)
Premises and equipment 283,756 3.3 249,881 3.5 13.6
Mandatory cash balances with the Bank of Russia 50,532 0.6 40,572 0.6 24.5
Due from other banks 13,035 0.2 10,219 0.1 27.6
Other assets 248,568 2.9 150,707 2.1 64.9
Total assets 8,628,527 100.0 7,105,066 100.0 21.4

Structure of the group’s assets at year-end

In 2010 the Group’s total assets in accordance with IFRS increased by 21.4% reaching RUB 8,628.5bn at 31 December 2010. The loan portfolio and investments in securities showed the strongest growth in absolute terms.

The key asset component — loans to customers net of provisions for loan impairment — increased by 12.9%. The increase was driven by a pick-up in demand for both commercial and retail loans in the second half of 2010. At the same time the share of loans to customers in the Group’s asset structure shrank to 63.6% at the end of 2010 from 68.5% at the end of 2009. The superior growth of the Group’s investments in securities was the primary reason for the shrinking share of loans to customers in the Group’s total assets.

The Group’s securities portfolio swelled by 71.4% to RUB 1,823.6bn (including securities pledged under repurchase agreements) and the share of securities in the Group’s assets reached 21.1% at the end of 2010.

Other assets increased to RUB 248.6bn in 2010 (64.9% up from 2009). Outstanding settlements on credit cards totalling RUB 91.2bn at 31 December 2010 (RUB 52.3bn at 31 December 2009) were the major item of other assets and represent liquid risk-free assets.

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