Bank Vozrozhdenie hopes to have at least 1 bln rubles in loan loss provisions for 2011
MOSCOW. March 10 (Interfax) - Bank Vozrozhdenie hopes to have 1 billion rubles in delinquent loans this year, the deputy chairperson of the bank's managing board, Lyudmila Goncharova, said at a press conference at Interfax on Thursday.
"We are planning on 1 billion rubles this year, which is a realistic delinquent loan level," she said, adding that provisions for possible loan losses would be restored.
Later Goncharova told journalists that this 1 billion rubles is the minimum provision planned for this year.
She also said that the bank currently has 7 billion rubles in over due loans with total provisions standing at 10 billion rubles, which means that Bank Vozrozhdenie's overdue coverage is over 100%.
Bank Vozrozhdenie was 24th biggest bank by assets in Russia at the end of 2010 according to the Interfax-100, compiled by the Interfax Center for Economic Analysis.