20 Jan 2011 15:19

Uralsib Bank posts 4.2 bln rubles in net profit in 2010, almost covers 2009's losses

MOSCOW. Jan 20 (Interfax) - Uralsib Bank posted 4.23 billion rubles in net profit according to Russian accounting standards (RAS) for 2010 compared to 4.344 billion rubles in net losses in 2009, the bank said in a statement.

The bank said that the main reason for the profit in 2010 had been an increase in operational revenue.

It was earlier reported that Uralsib Bank's net profit in January-September came to 3.217 billion rubles compared to 6.778 billion rubles in net losses for the same period of 2009. As a result, the bank posted 996 million rubles in net profit for the fourth quarter of 2010.

Uralsib Bank is the main asset of Uralsib Financial Company. Nikolai Tsvetkov is the main beneficiary in the company.

Uralsib Bank was 11th 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).