Uralsib net profit falls 26.4% to 1.8 bln rubles in 2009
MOSCOW. May 31 (Interfax) - Uralsib Bank posted a net profit of 1.825 billion rubles in 2009 under International Financial Reporting Standards (IFRS), a decline of 26.35% from the net profit of 2.478 billion rubles in 2008, the bank said in its earnings report.
It was reported earlier that Uralsib posted a net loss of 904 million rubles in the first half of 2009 compared with a net profit of 2.411 billion rubles in the same period of 2008.
Pretax profit declined 33.97% to 2.558 billion rubles in 2009.
Net interest income fell 29.4% to 20.210 billion rubles. Net commission income was down 23.5% to 5.036 billion rubles.
Net revenue from securities operations totaled 5.104 billion rubles compared with 3.171 billion rubles in losses in 2008.
Bank assets declined 11.37% to 416.659 billion rubles.
The loan portfolio (before deducting for reserves) amounted to 243.531 billion rubles as of December 31, 2009, down from 294.617 billion rubles a year earlier. The loan portfolio (after deducting for reserves) totaled 218.360 billion rubles, down 21.4%.
Uralsib set up reserves totaling 25.171 billion rubles or 10.33% of the loan portfolio last year. That was up from 16.835 billion rubles or 5.7% a year earlier.
Non-performing loans, NPL amounted to 21.9 billion rubles at year-end, 10% of the loan portfolio. Reserves amounted to 115.1% of the total loan portfolio, including 136.6% of corporate loans and 80.8% of retail loans.
The bank does not expect significant changes in the NPL situation in 2010, nor will bad loans have an impact on financial results comparable to the situation in 2009, the statement says.
Uralsib Bank was the 12th biggest Russian bank by assets according to the Interfax-100 list as of the end of the first quarter of 2010.
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