Bank of Moscow posts adjusted net losses of 50.1 bln rubles in 2010
MOSCOW. Aug 8 (Interfax) - Bank of Moscow had net losses of 50.1 billion rubles to Russian Accounting Standards (RAS) for 2010, adjusted for events post-reporting period, compared with profit of 1.122 billion rubles in 2009, the bank said in a report.
The bank's RAS net profit excluding events post-reporting period, came to 11.391 billion rubles.
The bank posted pretax net losses, adjusted for events post-reporting period, which came to 48.263 billion rubles for 2010 compared to pretax profit coming to 2.347 billion rubles for 2009.
Prior to subtractions for provisions, the company's net interest revenue went up by 28.2% to 39.944 billion rubles.
The bank's costs for forming reserves on possible loan losses and funds in correspondent accounts, as well as interest revenue transfers, reached 79.342 billion rubles, up 140% from 32.524 billion rubles for 2009.
After the creation of provisions, the bank posted a negative interest margin totaling 39.398 billion rubles, up 2800% from 2009 (minus 1.335 billion rubles).
