Vanguard of the battery

Owners

As of April 2019, Kirill Minovalov controls 99.2% of the bank's shares through Alcor Holding Group and 0.7% directly, the rest is held by minority shareholders.

The bank has always had a small free-float, as of April 2019 it is 0.0028377% of the bank's shares. "I always had a 99% stake in the bank," Minovalov told Forbes in 2013. Any other shareholders (among them were Rosshina, AMO ZIL, Magadan gold mining GOKs) were always present in the authorized capital more nominally, no one even had 1%.

"In the 1990s, it was wrong to have a bank with no name shareholders, and I myself was even interested in famous names being heard in the press," the banker said. At the same time, he officially admitted that he was the owner of Avangard in 2002.

Aktivs

AVANGARD JSC is a universal commercial bank with a developed network of branches.

As of March 1, 2019, Avangard ranks 56th among Russian banks in terms of assets (133.1 billion rubles) and 43rd in terms of capital (23.3 billion rubles).

Performance indicators

2024: 18-fold increase in net profit to RUB 5.04 billion

As TAdviser found out in early August 2025, the net profit of Avangard Bank in 2024 was recorded at 5.04 billion rubles. For comparison, a year earlier, the figure was 281.13 million rubles. Thus, there was an almost 18-fold increase.

Interest income on an annualized basis increased from 9.91 billion rubles to 14.78 billion rubles. At the same time, interest expenses jumped from 3.73 billion rubles to 6.34 billion rubles. Thus, net interest income amounted to 8.45 billion rubles against 6.18 billion rubles in 2023.

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Фото: Emin Jafarov/Kommersant

Commission income decreased year-on-year from 7.32 billion rubles to 6.17 billion rubles. Commission expenses decreased from 1.67 billion rubles to 1.23 billion rubles. Net commission income is indicated in the amount of 4.94 billion rubles against 5.66 billion rubles in 2023.

Operating income decreased from 19.36 billion rubles to 15.76 billion rubles. Total total income amounted to 5.09 billion rubles against 1.46 billion rubles in 2023. General and administrative expenses are indicated in the amount of 10.3 billion rubles, while a year earlier they were at the level of 9.25 billion rubles.

Cash and equated funds in the financial report for 2024 are listed in the amount of 30.57 billion rubles. For comparison, a year earlier this figure was 48.37 billion rubles. Loans issued to legal entities decreased on an annualized basis from 15.34 billion rubles to 11.45 billion rubles. Loans to individuals decreased from 1.1 billion rubles to 728.33 million rubles. Current accounts and deposits of customers - 82.05 billion rubles against 115.55 billion rubles in 2023. At the same time, the accounts and deposits of corporate clients accounted for 62.13 billion rubles (92.58 billion rubles in 2023), retail clients - 19.92 billion rubles (22.97 billion rubles a year earlier).^[1]

History

2019: Share price rise on the stock exchange

On February 13, 2019, bank shares on the Moscow Exchange jumped in price by 42.1% - trading opened from 570 rubles per share, and at the time of closing the paper cost 810 rubles, the next day trading opened at the price of 860 rubles per share. The next jump was on March 12 - by almost 31%, from 700 to 920 rubles per share at the close of trading.

This growth was due to large (for this bank) volumes of transactions. From January 30 to February 12, no transactions with Avangard shares were carried out at all, on February 13, transactions for 450,000 rubles were held, on February 14 - for almost 2 million rubles. In the next jump on March 12, the volume of transactions amounted to 5.5 million rubles, on March 13 - 1.2 million rubles. The usual daily trading volume of bank shares is less than 100,000 rubles.

In the case of such illiquid securities as shares of Avangard Bank, a very small volume is enough to "disperse" its capitalization. As a result, the market capitalization of the bank on the Moscow Exchange at 15:00 on April 12 amounted to 61.3 billion rubles - about 2.6 capital. Any Russian bank can envy this indicator. For example, Sberbank is traded on the stock exchange for a little more than one capital.

At the same time, the bank itself admits that, given that less than 1% of the bank's shares and a small volume of turnover are in free float, "the capitalization of the bank on the exchange is not an indicator of the bank's capitalization." According to Nigmatullina, based on RAS of the bank's net profit for 2018 (less than 1 billion rubles), its market capitalization should be a maximum of 10 billion rubles, most likely, this would have happened if the shares were traded at a large free-float volume.

2004: Public Offering

In 2004, Avangard shares began to be traded on the stock exchange.

1994: Kirill Minovalov creates a bank

Kirill Minovalov created Avangard Bank in 1994, spending then, according to his stories, $400,000, of which $300,000 was borrowed.

Notes