By Andrei Skvarsky.
Renaissance Capital, a Moscow-based privately owned investment bank focusing on emerging and frontier markets all over the world, has reported robust performance for 2017, including a year-on-year net profit increase of 43 per cent.
RenCap’s net profit for what one of its co-chief executives described as an “excellent year” for the company, amounted to $15.6m, the bank said in a statement, citing accounts for last year based on international financial reporting standards (IFRS).
The fixed income, currencies and commodities (FICC) division reported a revenue that was 78 per cent up on 2016.
RenCap’s derivatives business yielded a revenue that was twice the size it had had for 2016 and mainly explained a year-on-year rise of 8 per cent in the company’s operating income.
Its investment banking business and cash equity operations also did very well with revenue increases of 43 per cent and 21 per cent respectively.
RenCap’s total assets reached $3.26bn and its equity $486m in 2017.
Its equity-to-assets ratio closed at 15 per cent at the year end.
RenCap does business in Africa, the Middle East, Europe, North America, Asia, Russia and the Commonwealth of Independent States. It has offices in London, Moscow, New York, Johannesburg, Cape Town, Lagos, Nairobi, Cairo, and Dubai.
The statement quoted RenCap co-chief executive Anna Vyshlova as attributing the firm’s 2017 performance to “a continuous campaign for providing career development opportunities, promoting internal people and strengthening our team globally with the best professionals”.
She mentioned several hires made for senior jobs in 2017 and 2018.
The other co-chief executive, Ruslav Babaev, told a briefing in Moscow that 2017 had been an “excellent year” for RenCap.
He also said the bank had been able to ride out difficulties caused by a damaging round of sanctions slapped on Russia by the United States earlier in April.
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