Net fee and commission income

RUB million 2011 2010 Change, %
Fee and commission income 151,876 130,949 16.0
Cash and settlement transactions with legal entities 42,500 40,623 4.6
Cash and settlement transactions with individuals 41,476 41,845 (0.9)
Operations with bank cards 35,084 23,639 48.4
Agency agreements 13,973 9,448 47.9
Operations with foreign currency 6,551 5,858 11.8
Cash collection 4,733 4,445 6.5
Guarantees issued 4,364 2,717 60.6
Operations with securities 1,120 1,116 0.4
Other 2,075 1,258 64.9
Fee and commission expenses (11,242) (7,375) 52.4
Net fee and commission income 140,634 123,574 13.8

The Group’s fee and commission income increased to RUB 151.9 billion in 2011, up 16% on 2010. This growth was fuelled by increased volumes of transactions generating fee and commission income, especially operations with bank cards, with cash and settlement transactions with legal entities and individuals traditionally generating the bulk of this income. Cash services to legal entities and money transfer services to individuals represent the largest items of fee and commission income. To diversify the structure of its fee and commission income, the Group is actively looking for increase proceeds from other sources: commissions on agency agreements to sell insurance policies, plastic card operations, foreign currency and securities transactions.

Fee and commission expenses primarily relate to settlement transactions.


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