20 May 2008
Bank Vozrozhdenie continues its steady development and keeps its position among TOP-30 Russian banks. In Q1 2008 the Bank’s assets (under RAS) totaled 117.2 billion rubles, up 43.5% compared to the same period of the previous year.
Bank’s profit before taxes for three months of 2008 amounted to 1,141.8 million rubles, 68.8% more than on the same date last year. After accrual of the first quarter income tax in the amount of 272.3 million rubles on 28.04.2008, net income for three months 2008 was 868 million rubles.
As at 01.04.2008 Bank Vozrozhdeine’s equity calculated under Bank of Russia methodology was equal to 15.6 billion rubles, exceeding the equity on the same date of 2007 by 90.2%.
Over the first three months of 2008 the total amount of clients funds grew by 38.5% compared to the same period of 2007 to 89.3 billion rubles including retail funds that accounted for more than 49 billion rubles. Also funds raised funds on the Russian financial market amounted to 6.9 billion rubles.
Total loan portfolio rose by 28 billion rubles or 42.4% compared to the same period of 2007 with loans to customers (both companies and individuals) growing by 20.4 billion rubles or 33.1%.
“Given the continuing volatility of financial markets the Bank decided to create a liquidity cushion in the first quarter 2008. Once the markets recover we are immediately ready to use these funds for lending to SME”, said Dmitriy Orlov, President of Bank Vozrozhdenie.
Bank Vozrozhdenie’s creditworthiness is confirmed by the international rating agency Moody’s Investors Service. The Bank’s Financial Strength Rating is “D-”. Long-term National Scale Rating is Aa3.ru. Foreign Currency Deposit Ratings and Local Currency Deposit Rating are Ba3/NP. All ratings have stable outlook.