21 Jan 2011 12:45

Promsvyazbank's RAS net profit at 475.9 mln rubles for 2010

MOSCOW. Jan 21 (Interfax) - Promsvyazbank's net profit according to Russian accounting standards (RAS) came to 475.902 million rubles for 2010, the bank said in a statement.

The bank posted 1.773 billion rubles in net losses for 2009.

Promsvyazbank's net profit for the fourth quarter of 2010 came to 3.215 billion rubles.

The bank's net losses for the first half came to 2.8 billion rubles. Net profit was posted for the third quarter coming to 64.803 million rubles.

The bank said that the profit in the fourth quarter had been the result of declining interest expenditures on funds raised from other banks, legal entities and individuals, as well as rising revenue from selling off loan debt. In addition, the profit was partially driven by reimbursed expenses on overpayment of profit taxes.

Promsvyazbank was 10th largest bank in Russia by assets at the end of the third quarter of 2010 according to the Interfax-100, compiled by the Interfax Center for Economic Analysis (CEA).