Mosgorlombard Q2 2026: Net Profit Up 32.9% YoY Despite Net Interest Income Turning Negative

Mosgorlombard reported Q2 2026 net profit of RUB 275.3 mln, up 32.9% YoY from RUB 207.2 mln, while net interest income swung to a loss of RUB 66.9 mln from a RUB 181.8 mln gain a year earlier (-136.8% YoY). Net interest income growth was broadly stable versus the previous half (H1 2026 also -136.8% YoY), confirming the NII contraction is not accelerating but remains deeply negative.

Q2 2026 vs Q2 2025: headline YoY growth

What drove the result

The divergence between a negative net interest income and a higher net profit points to non-interest income and/or lower provisions as the profit engine. Equity rose to RUB 2,366.3 mln at end-H1 2026 from RUB 1,770.1 mln at end-2025, a one-step increase of RUB 596.1 mln, supporting capital adequacy despite the NII drag. H1 2026 net profit reached RUB 550.6 mln versus RUB 414.4 mln in H1 2025 (+32.9% YoY), showing the profit trend is consistent across the half.

Key figures

Outlook

The key watch item is whether net interest income can recover from negative territory, as the profit beat is currently carried by non-interest lines. Equity growth of RUB 596.1 mln in H1 2026 provides a buffer, but a sustained NII loss would eventually pressure profitability. No consensus, dividend, or share-price data were provided; the read is therefore purely fundamental.