Renaissance Capital makes IFRS net profits in 2013 for 1st time in 4 yrs
MOSCOW. March 31 (Interfax) - The investment bank Renaissance Capital made net profits to International Financial Reporting Standards (IFRS) of $14.09 million last year, bank chief Igor Vayn told the press on Monday, after it incurred net losses in 2010, 2011, and 2012.
The bank made $4.8 million in net profit in the first half of 2013.
Vayn said the bank's operating income for last year amounted to $275.37 million and operating expenses $238.79 million.
The bank's balance sheet amounted to $4.31 billion at end-2013, equity - $585.99 million.
In April of last year, Mikhail Prokhorov's Onexim group achieved indirect control of 100% of Renaissance Financial Holdings, Ltd. Prior to that, Onexim had 50% minus half a share in the investment bank (founded by Stephen Jennings). Prokhorov's group also became the main owner of the commercial bank Renaissance Credit, with a stake of 89.52%.
