Petrocommerce Bank reduces IFRS profit in 2009 by 99% to 11. 7 million rubles
MOSCOW. June 23 (Interfax) - Petrocommerce Bank reduced its IFRS net profit by 99% to 11.7 million rubles in 2009 from 1.894 billion rubles for 2008, the bank said in its financial results.
The bank's net interest revenue in 2009 dropped by 8.75% to 9.386 billion rubles.
The bank's pretax profit decreased in 2009 by 80% to 491.8 million rubles from 2.42 billion rubles in 2008.
The bank's assets decreased by 10.45% from 191.959 in 2008 to 171.896 billion rubles.
Petrocommerce Bank formed reserves totalling 14.728 billion rules (12.9% of its total loan portfolio). At the start of the year, reserves covered 6% of the bank's loan portfolio.
Petrocommerce Bank was 20th largest bank in Russia by assets at the end of the first quarter of 2010 according to the Interfax-100, compiled by the Interfax Center for Economic Analysis (CEA).