On February 26th of 2025, "State Bank" JSC, registered in the TIER I classification of "Mongolian Stock Exchange" JSC, presented its operational and financial results for the year of 2024.
In the reporting period:
Financial results for the year of 2024:
As of the end of 2024, the bank's total assets reached 6,226.6 billion MNT, an increase of 1,513.6 billion MNT from the previous year, or 132.1% of the total. The total loan portfolio amounted to 3,500.2 billion MNT, reflecting a growth of 578.8 billion MNT. Non-performing loans decreased to 194.1 billion MNT, representing a reduction of 38.8 billion MNTcompared to the previous year.
The performance of the bank’s operational plan:
The Bank implemented Action Plans at all levels in line with its 2024-2026 Strategic Plan and 2024 Business Plan, setting 18 key objectives across three strategic directions with 240 sub objectives.
Financial performance exceeded expectations, with ROA at 2.03% and ROE at 20.15%, surpassing year-end targets. Electronic transactions accounted for 90.0% of total transactions. Gyalsbank's active customers increased to 772,742 thousand meeting the target.
Highlights of the year of 2024:
In 2024, the Bank secured $70 million USD through two transactions with Cargill Financial Services International to support the agricultural sector and strengthened its partnership with Frontclear, attracting 105.9 billion MNT ($31 million USD) in repo funding. It became the first financial institution in Mongolia to introduce long-term insurance products, signing an Insurance Intermediation Agreement with National Life Insurance LLC and Mandal Life Insurance LLC to provide life and health insurance for mortgage borrowers. Recognizing its financial stability, Moody’s assigned the Bank a B3+/Stable credit rating, reflecting an improvement in its overall creditworthiness.
At the end of 2024, the bank's sustainable development loan portfolio reached 178.0 billion MNT, reflecting a 92.9% increase from the previous year. The green loan portfolio also saw significant growth, reaching 53.6 billion MNT, an increase of 108.6%, or 27.9 billion MNT, compared to the previous year. Additionally, the bank issued a 10.0 billion MNT "Green Future" bond in the domestic market, marking its first green bond issuance in the non-exchange market.
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