Eurasian Development Bank (EDB) published its financial statements for 2016 prepared in accordance with the International Financial Reporting Standards (IFRS). In 2016, the Bank's net income totalled US $163.5 million, compared to a net loss of US $143.6 in 2015.
The net interest income before provisions for impairment losses on interest bearing assets amounted to US $109.2 million, a US $16.3 million (17.6%) increase year-on-year. This was achieved, in the first place, due to:
- a significant decrease in interest expenses, from US $133.1 million to US $84.3 million (36.7%), as a result of the repurchase of the Bank's securities in the end of 2015 and during 2016; and
- an increase in interest income on financial assets available for sale from US $4.9 million in 2015 to US $18.5 million in 2016.
In 2016, EDB worked to improve the reliability of its loan portfolio and, as a result, recovered the previously created provisions for impairment losses in the amount of US $54.5 million.
16 February, 2017
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