Credit Bank of Moscow expects 2013 IFRS net profit to grow 30%-38%
MOSCOW. Aug 22 (Interfax) - Credit Bank of Moscow (CBM) expects to see its net profits to International Financial Reporting Standards (IFRS) grow 30%-38% to 7.5-8 billion rubles in 2013, the bank's Chairman Vladimir Chubar said during a conference call on Thursday.
"Our expectation for this year is 7.5-8 billion rubles," he said.
Last year CBM turned a 5.778-billion-ruble net profit to IFRS.
CBM boosted its net earnings by 77.7% to 3.8 billion rubles in the first half of this year.
CBM was Russia's 17th largest bank by assets at the end of H1 2013, according to the Interfax-100 ranking.
The bank's primary shareholder, with an 85% stake, is LLC Rossium Concern, whose end beneficiary is Roman Avdeyev. Another 7.5% of shares belong to the European Bank for Reconstruction and Development (EBRD), 2.9% belong to International Finance Corporation (IFC), and 4.6% belong to Cyprus-based RBOF Holding Company, Ltd. CBM plans to place an additional issue under closed subscription in the near future, although it does not expect any substantial changes in its shareholder structure.
