EDB lowers net profit by 75% in H1, assets up 2%
MOSCOW. Oct 8 (Interfax) - Eurasian Development Bank (EDB) reduced its net profit by 76% to $7.29 million in the first half of 2010 from $30.156 million posted for the same period of 2009, the bank said in a financial statement.
The bank's net interest revenue dropped by 58% to $14.357 million in the first half in comparison with $34.01 million for the same period of 2009.
EDB reduced its operational revenue by 44.5% to $22.077 million in the first half while operational expenditures went up by 53.8% to $14.786 million.
The bank's assets went up by 1.84% to $2.521 billion by June 30 2010 in comparison with $2.495 billion at the start of the year.
Total loans allocated to clients during the first half went up by 13.4% to $690.39 million on June 30.
It was earlier reported that the bank's investment portfolio went up by 38.5% in January-June 2010 to 1.845 billion rubles. The portfolio consisted of 26 projects on June. Kazakhstan's stake in the EDB came to 49.3%, Russia - 48.4%, Armenia - 1.1% and Tajikistan - 1.2%.
EDB is an international financial institution, established by Russia and Kazakhstan in January 2006 to promote development of market economies of member states, their sustainable economic growth and expand mutual trade-economic relations. The share capital of EDB is above one and half billion US dollars. Bank's member states are Russian Federation, Republic of Kazakhstan, Republic of Armenia, Republic of Tajikistan and Republic of Belarus.