Nomos Bank boosts IFRS net profit by 40% in Jan-Sept 2010
MOSCOW. Jan 21 (Interfax) - Nomos-Bank increased its net profit according to International Financial Reporting Standards (IFRS) by 40.3% to 5.467 billion rubles in January-September 2010 from 3.896 billion rubles in the same period of 2009, the bank said in its IFRS report for the period.
Nomos-Bank's net profit for the third quarter of 2010 nearly doubled to 1.754 billion rubles in comparison with the same period of 2009.
The bank's pretax profit for the nine months increased by 36.99% to 6.911 billion rubles.
The bank's operational revenues went up by 29.76% to 12.436 billion rubles.
The bank's operational revenues prior to the creation of provisions for depreciation for the nine months came to 15.8 billion rubles, down 22.2%, the bank said. The decrease in this result had been the result of the bank's shrinking interest margin owing to an overall drop in market rates. Furthermore, the bank posted substantial revenues from security operations in 2009.
The ratio of operational expenditures to operational revenues prior to forming provisions came to 35% in comparison with 22.4% for the first nine months of 2009.
Nomos Bank's return of equity reached 18.5% for January-September 2010 in comparison with 15.1% for the same period of 2009. The bank's return on assets came to 2.5% for the first nine months of 2001 compared to 1.9% a year previous.
The bank's assets stood at 300.747 billion rubles on September 30, 2010, up 8.5% for January-September 2010.
The bank's loan portfolio prior to subtraction of provisions in January-September 2010 went up by 20.26% to 216.079 billion rubles. The loan portfolio after subtraction reached 196.94 billion rubles, increased by 21.08%.
Nomos-Bank's provisions for its loan portfolio came to 19.137 billion rubles on September 30, 2010 (8.86% of the portfolio), compared to 17.027 billion rubles (9.48%) on January 1, 2010.
The bank's obligations for January-September 2010 increased by 7.5% to 258.589 billion rubles. Client funds in the bank reached 164.7 billion rubles on September 30, 2010 (up 22.8%). The ratio of loans to client funds came to 119.5% for January-September from 121.2% at the start of the year.
The bank's equity came to 42.158 billion rubles on September 30, up 15.1% in the nine months. The first-tier capital sufficiency ratio reached 13.3% while the overall capital sufficiency ratio stood at 19.9%.
Nomos-Bank was 15th biggest bank by assets in Russia at the end of the third quarter of 2010 according to the Interfax-100, compiled by the Interfax Center for Economic Analysis (CEA).