Bank Vozrozhdenie net profit for 9 months of 2008 amounted to RUB 2 846 mln that is 1.7 times more than in 2007

Bank Vozrozhdenie (VZRZ) RAS net profit for 9 months 2008 amounted to RUB 2 846 mln exceeding the profit of the similar period of 2007 (RUB 1 680 mln) by 69.4%.

Net profit for Q3 2008 amounted to RUB 1 128.9 mln comparing to RUB 340.5 mln for Q2 2008 growing by 43.2%.

“Increase of the income from all types of lending, increase of the net fees and commissions as well as increase of the income from operations with foreign currencies caused the increase of Q3 net profit. In spite of the difficult situation on the financial markets our domestically oriented strategy which is based on the partnership with the local communities affords the bank to receive good financial results”, - says Tatiana Gavrilkina, the Deputy Chairperson of the Management Board.

Full version of the material fact “One-time increase in net profit” according to RAS is available on our web site at the page Statements of Material Facts.

Vozrozhdenie Bank, a community bank for companies and individuals, was founded in 1991. (General License from the Central Bank of the Russian Federation # 1439, March 24, 2003.) Among the Top 30 Russian Banks in the Central Banks rating, its network includes 176 offices and over 600 ATMs in 20 regions of Russia. The Bank provides more than 1,200,000 individual and 50,000 corporate clients with a range of services, from savings accounts, payment handling, payroll management, to mortgages, bank cards and business and consumer loans.