29 Apr 2010 13:16

Vozrozhdenie Bank reduces RAS net profit by 72% to 199 mln rubles in Q1

MOSCOW. April 29 (Interfax) - Vozrozhdenie Bank reduced its net profit according to Russian accounting standards (RAS) by 72% year-on-year to 199 million rubles in the first quarter of 2010, the bank said in its materials.

Vozrozhdenie Bank transferred 646 million rubles to possible loan loss reserves. Total reserves came to 10 billion rubles at the end of the first quarter, the bank said.

Loan reserve coverage for delinquent debt came to 115% on March 31. "We have seen a slowdown in the rate of growth in delinquent debt in comparison with the same period of 2009," the materials said quoting the bank's chairman Dmitry Orlov.

The bank's assets came to over to 148 billion rubles on April 1, 2010. At the same time, net loan debt increased by 4 billion rubles to 101.2 billion rubles.

Client funds increased by over 30% year-on-year to 121 billion rubles up from 92.7 billion rubles posted on April 1, 2009. Individual deposits increased by 31% to 69.5 billion rubles.

The bank's equity came to 19.5 billion rubles on April 1, 2010. The bank's capital sufficiency ratio stood at 18.4%.

Vozrozhdenie Bank was 23rd largest Russian bank by assets at the end of 2009 according to the Interfax-100, compiled by the Interfax Center for Economic Analysis (CEA).