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Gazprombank Group Annual Report 2010 Based on Ifrs Consolidated Financial Statements

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Gazprombank Group Annual Report 2010 Based on Ifrs Consolidated Financial Statements YUZHNOSAKHALINSK KHABAROVSK VLADIVOSTOK YAKUTSK IRKUTSK KRASNOYARSK KEMEROVO TOMSK BARNAUL NOVOSIBIRSK NOVY URENGOI SURGUT OMSK TYUMEN UGORSK CHELYABINSK EKATERINBURG PERM GAZPROMBANK GROUP ANNUAL REPORT 2010 BASED ON IFRS CONSOLIDATED FINANCIAL STATEMENTS UFA ORENBURG UKHTA IZHEVSK SAMARA KAZAN ASTRAKHAN JOSHKAROLA MAKHACHKALA CHEBOKSARY SARATOV VOLGOGRAD NIZHNY NOVGOROD STAVROPOL KOSTROMA ROSTOVONDON LIPETSK KRASNODAR SHCHELKOVO MOSCOW TULA BELGOROD BRYANSK MURMANSK ST.PETERSBURG KALININGRAD GAZPROMBANK GROUP 2010 ANNUAL REPORT BASED ON IFRS consolidated FINANCIAL statements Statement by the Chairman of the Board of Directors 3 Statement by the Chairman of the Management Board 4 Bank Profile 6 Main Events of 2010 and Positioning 6 Key Performance Indicators 8 Geographic coverage 10 Shareholders 12 Board of Directors 13 Management Board 14 Performance Results and Development Prospects 15 Russian Economy in 2010 15 The Russian Banking System in 2010 18 Group’s Financial Totals and Performance Indicators 19 Development Strategy for 2011-2015 22 Participation in Federal and Regional Programs and Projects 23 Classic Banking Services 25 Corporate Business 25 Retail Business and E-Services 30 Private Banking and Art Banking 32 Depository Business 32 Investment Banking 34 Financial Market Transactions 34 Project and Structured Finance 35 Mergers and Acquisition Advisory Service 37 Structured and Syndicated Finance 38 Trust Management 39 Management of Non-Financial Assets 40 Risk Management 43 Risk Management Framework 43 Internal Control System 48 Compliance Control in the Bank 50 Corporate Governance 51 Corporate Governance System 51 Infrastructure and Regional Network Development 53 Personnel and Organizational Development 54 IT Development 55 Social Responsibility 56 Summary Consolidated Financial Statements 58 Reference Information 72 1 2 GAZPROMBANK GROUP. ANNUAL REPORT 2010 Statement by the Chairman of the Board of Directors Dear Shareholders, In 2010, GPB (OJSC) not only providing turnkey services at a modern Group’s business and the development achieved the performance measures level to multiple enterprises belonging of the Group. established by its Strategic Growth to Gazprom Group. The high performance of the Bank Plan, but also far exceeded them. The One of GPB’s achievements in re- both in 2010 and since 2006 is the best Bank managed to achieve perfor- cent years has been its involvement confirmation of the correctness of the mance that is significantly better than in Gazprom Group’s internal cash flow strategic course selected by its share- the targeted indicators related to its management system. Today, the ma- holders and enables the Bank to set new assets, capital, loan portfolio, borrow- jority of OAO Gazprom’s subsidiaries, ambitious goals. ings and profits. Those results have branches and representative offices The primary goal is to further increase been achieved during challenging located across several time zones are the value of GPB. For this purpose, we macroeconomic conditions influenced included in Gazprom’s cash pooling. plan to place special emphasis on the by the negative consequences of the The Bank’s investment and financial ad- growth of the banking segment and im- global financial crisis. visory services that are provided within provement of the Bank’s capital structure. The Bank’s day-to-day operations as the strategic partnerships established to I am sure that by implementing such well as its growth prospects are closely implement a series of major projects and a strategy, GPB will further strengthen tied to the operations of OAO Gazprom. transactions are of great importance for its position as one of the leading Russian This company is the Bank’s largest share- the Company as well. banks. holder and customer. We consider the Thus, our cooperation with the Bank Bank as a reliable partner capable of is instrumental in optimizing Gazprom Alexey B. Miller Chairman of the Board of Directors, GPB (OJSC) Chairman of the Management Board, OAO Gazprom 3 Statement by the Chairman of the Management Board Dear Shareholders, Customers and Partners of the Bank, I can note with satisfaction that More than 90% of the portfolio was com- target segment is represented by the the past year has been successful for prised of loans extended to corporate officers of corporate customers and GPB (OJSC). The Bank has achieved bal- customers. GPB (OJSC) is in fact the only their families. During the reporting year, ance-sheet figures that are significantly non-government bank in the country that more than 65 thousand new individual better than target. The structure of as- is capable of providing effective loan sup- borrowers applied to GPB (OJSC) for its sets and liabilities has improved, and port to leading companies on a national services. The viable choice of a target cus- there is a sufficient capital reserve. The scale. The share of the largest enterprises tomer segment and stringent risk analy- growth rates of main operations, as in among the Bank’s corporate borrowers sis and monitoring procedures have the previous year, were higher than av- was 96% as of January 1, 2011. From an ensured that the share of overdue loans erage Russian banking indices. Thanks industry perspective, these include enter- in the Bank’s retail loan portfolio is sig- to this exceptional growth, the Bank has prises in the metallurgical, gas, oil, coal, nificantly lower than the market average. increased its share in a number of key electric power and machine-building in- The volume and structure of our re- business segments and strengthened its dustries. In addition the portfolio of loans source base have noticeably improved. market position. According to Gazprom- provided to agro-industrial holdings, trad- Almost two-thirds of the Bank’s total li- bank’s performance in 2010, it ranks No. ing and transportation companies grew abilities comprised funds raised from 3 in the country in terms of capital, as- at a rapid rate in 2010. corporate customers with an increased sets, loans extended to the non-financial A concentration on corporate cus- proportion of mid- and long-term de- sector and raised customer funds. tomers does not prevent, but, indeed, posits. The recovery of international debt The Bank’s loan portfolio exceeded significantly facilitates expansion of markets created a favorable opportu- RUR 1 trillion as of the beginning of 2011. the Bank’s retail business since its main nity in August and September 2010, to 4 GAZPROMBANK GROUP. ANNUAL REPORT 2010 offer two installments of the Bank’s Eu- finance markets, M&A market and trust the foundation of the customer base, robonds for a total amount of USD 1 bil- management market. but a massive segment of mid-sized lion and raise a syndicated loan totaling One of the special areas of the businesses must be added to them. USD 900 million on mutually beneficial Bank’s business is the management of GPB’s corporate loan portfolio will ex- terms. All of these capital transactions non-financial assets which last year in- ceed 60% of its banking assets by 2015. have improved the stability and balance cluded more than three-hundred com- At the same time, its business structure of our resource base. panies operating in the petrochemical, will be purposefully transformed to In attracting customers, the Bank is machine-building, media and other in- achieve the best combination of profit- consistently expanding its geographical dustries within Russia and abroad. A top to-risk ratios to increase the share of presence. To date, GPB (OJSC) is the core priority here is the implementation of regular (including commission) income of an international banking group. It has production capacity upgrade programs, in the total revenues of the Group. The 43 branches, 6 subsidiary and associated business development plans, strengthen- structure of assets and capital will signifi- banks and about 300 bank offices across ing the HR potential of enterprises and cantly improve. Russia, from Kaliningrad to Kamchatka. supporting their employees’ social needs. Another strategic objective for the Two new branches, in Kazan and Surgut This is a matter of national importance Bank is the improvement of its corporate were registered in 2010. Three foreign addressed by the Bank in a responsible governance system. It is not needed just to subsidiary banks are located in Belarus, and steadfast manner in consultation improve ratings and ensure growth in mar- Armenia and Switzerland. A representa- with its shareholders and close coopera- ket value. The unexpected crisis, atypical in tive office was established in India in ad- tion with federal and local government its scale of movement, has revealed a spe- dition to those in China and Mongolia at authorities. Some companies have al- cial practical importance for such business the end of the last year. ready successfully implemented their practices as corporate procedures, internal The growth in volumes and territorial investment programs, thus enabling the controls, risk management, social responsi- coverage of the Bank’s operations is ac- Bank to consider withdrawing from their bility and business ethics. Shortcomings in companied by the consistent expansion capital. Thus, in the reporting year, in ac- these matters have resulted in direct losses of the business lines, financial instru- cordance with the Board of Directors’ for many companies and put their survival ments, and products and services of- recommendation to reduce investments in question during the recent financial fered. In addition to traditional banking in non-core assets, the Bank sold large turmoil. Today, the whole world is con- services, such as cash and settlement blocks of shares in CJSC SIBUR Holding cerned with searching for new effective services, deposits and lending, the in- and OAO Sibneftegaz. These transac- systems to regulate financial and bank- vestment banking line has been actively tions have significantly increased the ing businesses. Gazprombank shares the developed. Expert, advisory and follow- Bank’s consolidated profits and improved concern and is ready for new challenges. up support is provided to investment the structure of its balance sheet.
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