Bank Vozrozhdenie net profit after tax is expected to amount to RUB 1bln in 2009

27 January 2010

Bank Vozrozhdenie announced its preliminary results of the year 2009. The Bank’s net profit after tax and provision charges under RAS is expected to be not less than RUB 1.0bln.

“Financial results met our expectations. The Bank’s loan portfolio was affected by the economy recession. The volume of loans decreased due to aspiration of some corporate clients to reduce debt burden on their business and due to Bank’s efforts to maintain of the acceptable level of credit risk”, — said Dmitry Orlov, Chairman of the Management Board. — "During the year we enjoyed the inflow of retail deposits- core source of our funding. It ensured Bank’s position on the retail deposits market. The stable functioning of the Bank in complicated conditions of 2009 was possible due to Bank’s traditional focus on the long-term relationship with the clients, tight costs’ control and sound risk management.

Vozrozhdenie Bank reports 9M 2009 IFRS Profit of 842 million rubles
Bank Vozrozhdenie will publish its 2009 IFRS results