RSHB net profit in H1 regains 2009 level - 1.3 bln rubles
MOSCOW. July 13 (Interfax) - Rosselkhozbank posted a net profit of 1.3 billion rubles in the first half of 2011 under Russian accounting standards (RAS), the bank said in materials.
The profit was 40% higher than in the same period last year and roughly equal to the profit in the first half of 2009, 1.355 billion rubles.
RSHB had a net profit of 564.9 million rubles in the first quarter of 2011 under RAS compared with a loss in the fourth quarter of 2010. The bank said the improvement was due to increased business, a smaller reserve increase, and cuts in administrative expenses. Net profit was 735.7 million rubles in the second quarter.
State-owned RSHB was the fourth biggest Russian bank by assets according to the Interfax-100 list as of the end of the first quarter of 2011.
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