22 July 2008
Vozrozhdenie Bank continues its strong business development, maintaining its position in the Central Bank list of Top-30 largest Russian banks. According to H108 RAS results total assets grew by 18.4% in the six months to RUB 132.4 billion. Relative to the last year same period, the growth was 42.8%.
For H108 the Bank’s profit before income taxes reached RUB2.2 billion, more than 75% above the same last year period.
Net profit after tax is expected to be equal to RUB1.7 billion for the six months ended June 30, 2008, compared to RUB 684 million for 6M 2007.
The bank’s equity (calculated in compliance with the CBR guidelines) was RUB16.3 billion as of June 30, 2008 vs. RUB13.6 billion last year.
Total corporate and retail clients’ funds were RUB102.5 billion, an increase of RUB18.5 billion from the start of the year and an increase of RUB30.9 billion, or 43.3%, compared to the same period last year. In addition, Bank Vozrozhdenie attracted RUB7.6 billion from the local financial market.
The loan portfolio reached RUB107.99 billion, an increase of RUB19.5 billion or 22% from the beginning of the year. The growth from the same period in 2007 was RUB30 billion or 39%.
“Vozrozhdenie Bank took a conservative stance and a strategy to keep a liquidity cushion in the first half of the current year. Loan portfolio growth was not so high in the first quarter, but the substantial corporate deposit inflow in the second quarter allowed the bank to provide loans without deterioration of our liquidity position”, said Andrei Shalimov, Head of Treasury. “We are looking forward to revising our annual plan to more ambitious figures provided that the positive trend in clients’ funds’ inflow continues.”