Mosgorlombard: FY2025 Net Profit Surges 84% on Strong Core Lending; Q1 2026 Preliminary Revenue Jumps on Low-Margin Metals Trade
Mosgorlombard reported FY2025 net profit of RUB 724 mln (+84% YoY) and EBITDA of RUB 2.3 bn, while H1 2025 net interest income growth decelerated to -17.3% YoY from +5.0% in H2 2024, reflecting a slowdown in core lending revenue.
Key Metrics YoY Growth (%)
FY2025 Earnings: Profit Surge Driven by Non-Interest Income
FY2025 net profit jumped 84% to RUB 724 mln, despite a decline in net interest income in H1 2025. The profit growth was likely fueled by higher non-interest income, including gains from precious metals trading, which also boosted EBITDA to RUB 2.3 bn. Equity strengthened to RUB 1,770 mln by year-end 2025, up from RUB 1,055 mln at end-2024.
Key Financial Figures (RUB mln)
| Metric | FY2024 | FY2025 | Change |
|---|---|---|---|
| Net Interest Income | 841.474 | N/A | N/A |
| Net Profit | 393.36 | 724 | +84.0% |
| EBITDA | N/A | 2300 | N/A |
| Equity | 1055.354 | 1770.124 | +67.7% |
Q1 2026 Preliminary Update: Revenue Surge, but Profit Unclear
For Q1 2026, Mosgorlombard reported preliminary consolidated revenue of ~RUB 13,300 mln, roughly 4x YoY, driven by a surge in low-margin precious metals resale/wholesale. However, net profit was not disclosed, and the revenue jump does not translate into proportional earnings growth. The company's core lending business remains under pressure, as evidenced by the H1 2025 NII decline.
Outlook
Investors should focus on the sustainability of profit growth from non-lending activities and any recovery in net interest income. The Q1 2026 preliminary figures highlight the volatility from metals trading, which may obscure underlying lending trends. Watch for full Q1 2026 profit disclosure and any guidance on core lending margins.