Russia's DIA reduces net profit 62% to 6 bln rubles in 2011
MOSCOW. March 13 (Interfax) - Russia's Deposit Insurance Agency (DIA) posted 6 billion rubles in net profit for 2011, the DIA said in a statement following a meeting of its board of directors.
The DIA's net profit for 2010 came to 15.6 billion rubles. Therefore, 2011's result was a decrease of 62%.
The agency reduced net profit by 11.9% to 5.006 billion rubles in 2011.
Pretax profit in 2011 went down by 52% to 8.5 billion rubles from 18 billion rubles in the same period of 2010.
The average weighted yield on the investment of the DIA's funds, including a reassessment of securities, came to 4.6%, and temporarily idle funds, property injections transferred to the DIA for bank bailouts - 5.1%.
The agency increased its share of investments in Central Bank deposits from 12% to 14% in the second half thanks to a decrease in investments in corporate banks, the statement said.
The agency is now engaged in the financial bailout of seven banks.
