27 Jun 2011 16:21

Bank of Moscow provisions extra 12 bln rubles for 2010

MOSCOW. June 27 (Interfax) - Bank of Moscow has provisioned an additional 12 billion rubles for possible loan losses in 2010, the bank's president, Mikhail Kuzovlev, said at the AGM.

"The question is will the bank be profitable for 2010. We have provisioned an extra 12 billion rubles, and there's virtually no profit left," he said.

The annual financial report to Russian Accounting Standards (RAS) will be ready by June 30, Kuzovlev said. "We're doing all we can to submit it by June 30," he said.

Reports in January said net profit before post-reporting period events soared 10-fold in 2010 to 11.391 billion rubles.