Moscow-Minsk Bank ups assets to IFRS 1.4% in 2011
MINSK. May 4 (Interfax) - Moscow-Minsk Bank, a Bank of Moscow subsidiary, saw assets rise by 1.4% to International Financial Reporting Standards in 2011 to 3.48 trillion Belarusian rubles (8,130 Bel. rubles/$1 on May 4), the bank reported.
Loans (minus provisions) amounted to 1.7 trillion Bel. rubles, down 23.5%, while deposits in banks surged 300% to 392.8 billion Bel. rubles.
Liabilities edged up 2.2% to 3.01 trillion. Customer deposits increased 12.3% to 2.06 trillion Bel. rubles, including 1.19 trillion Bel. rubles in private company deposits (up 31.6%), 648.4 billion in retail deposits (down 6.3%) and 222.1 billion in government deposits (down 6.4%).
Net profit to IFRS was 11.72 billion Bel. rubles, down 84.1%.
Belarusian banks apply standard IAS 29 (financial reporting in a hyperinflationary economy) in their reports to IFRS (Belarusian inflation in 2011 was 108.7%), which means recalculation of comparable data taking into account the decline in the Belarusian ruble's purchasing power in 2010-2011.
Net profit to national accounting standards was 194.1 billion Bel. rubles in 2011, up 140% on 2010.
Moscow-Minsk Bank was established in August 2000. It is ranked number 9 by asset value among 32 Belarusian banks. Bank of Moscow owns 99.75% of its shares and Swiss-registered BM Holding AG holds 0.25%.