Transcreditbank boosts net profit to RAS 25% in Q1
MOSCOW. April 17 (Interfax) - Transcreditbank posted net profit to Russian Accounting Standards of 2.79 billion rubles in the first quarter of 2012, up 25%, shows a report from the bank, published on the Central Bank of Russia website.
Net profit was 2.23 billion rubles in the first quarter of 2011.
Transcreditbank posted a net loss of 121.5 million rubles in January-February 2012, compared to profit of 1.17 billion the previous year.
"The net loss to RAS in January-February 2012 was due to the fact that an off-balance sheet revaluation was not counted in the financial result to RAS calculations. In March almost all the off-balance sheet revaluation went onto the balance sheet so that the end of quarter indicator was positive," the bank said.
The VTB group owns 77.78% of TCB and Russian Railways (RZD) owns 21.81%.
The bank was Russia's 12tht largest by assets, according to the Interfax-100 ranking at the end of 2011.
