Absolyut Bank makes EUR 40 mln in H1 net profits
MOSCOW. Aug 9 (Interfax) - Absolyut Bank made EUR 40 million in net profits to International Financial Reporting Standards (IFRS) during the first half of this year, versus EUR 5 million in net losses for the same period last year.
A report from the Belgian KBC Group, Absolyut Bank's main shareholder, second-quarter net profits came to EUR 14 million and first quarter net profits to EUR 26 million.
KBC Group made EUR 1.154 billion in H1 net profits and Q2 net profits of EUR 333 million.
Absolyut Bank's lending portfolio contracted 4.48% over the first half to EUR 2.014 billion from EUR 2.107 billion at the end of 2010, but it grew 2.6% in the second quarter.
Non-performing loans represented 13.5% of the portfolio as of June 30, down from 16.1% on March 31 and 16.8% on December 31 last year. The peak NPL ratio at Absolyut Bank came in the third quarter of last year, when it hit 18.3%.
The proportion of restructured loans also decreased over the first half - from 6.3% to 3.9%.
The bank put away provisions of EUR 38 million over H1, including EUR 9 million in Q2.
During the second quarter, KBC Group and the International Finance Corporation signed an agreement giving KBC ownership of 99% of the stock in Absolyut Bank and the IFC 1%.
Absolyut Bank ended H1 2011 in 44th place by assets on the Interfax-100 ranking of Russia's biggest banks.