Promsvyazbank sees net profit plunge in Q1
MOSCOW. April 15 (Interfax) - Promsvyazbank posted net profit to Russian Accounting Standards of 365 million rubles, against 2.7 billion rubles in the same period of 2012, a preliminary balance sheet shows, the bank said in a press release.
The main reasons for the fall in profits were non-operating factors, such as advance profit tax payments, interest spending on newly raised subordinate loans and a more conservative reserve policy, the release says. Operating revenue in the quarter grew 19%.
Assets fell 2% to 674.8 billion rubles. Net loan debt (after deduction of provisions and not including interbank loans) climbed 1%. The corporate loan portfolio remained virtually unchanged from the start of 2013. The retail portfolio expanded 4% to 53 billion rubles.
Equity to RAS was 76.4 billion rubles on April 1 2013. The capital adequacy ratio reached 12%.
Promsvyazbank Financial Director Vladislav Khokhlov is cited as saying that capital adequacy to RAS topped 12% for the first time in recent years thanks to subordinate loan sof over $700 million.
Promsvyazbank was ranked number 9 by asset value in the Interfax-100 review of Russia's banks in 2012.
