Operating expenses

Other operating income, which includes net gains arising from operations with securities and derivatives and from trading in foreign currencies declined by 53.4% in 2013., and totaled 1.9% of the aggregate net operating income of the Group.

The main reason underlying lower income was the sale in 2012-2013 of certain non-banking subsidiaries of the Group resulting in lower revenue from non-financial business activities.

Operating expenses

In 2013, the operating expense growth slowed down to 14% from 32.1% in 2012. By far the largest increase of the Group’s operating expenses came in staff costs (+16.1%), operating lease expenses (+49.6%) and other taxes (+27.5%).

The growth in operating expenses is attributable mostly to consolidating DenizBank in the financial statements of the Group (44% of the aggregate increase). Excluding the impact of DenizBank, the growth amounted to 8%. The share of the Group’ssubsidiaries in operating expenses increased by 4 percentage points y-o-y to 18%.

As the income of the Group outpaced its expenses, the ratio of operating expenses to operating income before provisions dropped significantly in 2013 by 2.4 percentage points to 46.6%.

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RUB bn

2013

2012

Change, RUB bn

Change, %

Staff costs

285.3

245.8

39.5

16.1%

Depreciation of premises and equipment

54.5

51.8

2.7

5.2%

Repairs and maintenance of premises and equipment

31.8

29.8

2.0

6.7%

Administrative expenses

29.7

30.7

-1.0

-3.3%

Taxes other than on income

24.6

19.3

5.3

27.5%

Operating lease expenses for premises and equipment

17.5

11.7

5.8

49.6%

Telecommunication expenses

16.6

19.1

-2.5

-13.1%

Amortisation of intangible assets

14.4

10.8

3.6

33.3%

Advertising and marketing services

12.7

9.6

3.1

32.3%

Consulting and assurance services

9.2

7.3

1.9

26.0%

Other

18.3

15.5

2.8

18.1%

Total operating expenses

514.6

451.4

63.2

14.0%

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