28 Apr 2010 18:32

Merged MDM Bank posts 358 mln rubles in IFRS net profit for 2009

MOSCOW. April 28 (Interfax) - Merged MDM Bank posted 358 million rubles in IFRS net profit for 2009, the bank said in its financial results.

This is the first annual report following the merger of MDM-bank and URSA Bank . Prior to this the united bank published its IFRS results for January-September 2009 and the first half of the year.

MDM-Bank's IFRS net profit came to 3.304 billion rubles on 2008 while URSA Bank's net profit have 1.6 billion rubles in net profit.

The report said that net profit for 2008 came to 2.176 billion rubles. Therefore, the bank's net profit shrank by 83% in 2009.

The bank's IFRS losses for January-September 2009 came to 3.489 billion rubles. Therefore the bank had 3.847 billion rubles in net profit for the fourth quarter of 2010.

The main factor influencing the bank's financial results in the fourth quarter was profit from trade operations totalling 1.2 billion rubles, as well as the release of 800 million rubles from earlier formed reserves, the bank said in a statement.

The bank's assets increased during the year by 22.4% to 402.823 billion rubles on December 31, 2009. Asset growth came to 7.2% in the fourth quarter.

The bank's total loan portfolio increased by 35.7% to reach 280.83 billion rubles on December 31, 2009, up 35.7% from 207.009 billion rubles posted on the same date in 2008. The bank's loan portfolio increased by 21.5% to 236.709 billion rubles following payments to loan-loss reserves.

The bank's net loan portfolio contracted by 6.2% in the fourth quarter. The statement said that portfolio's decrease was partially the result of support to delinquent debt, which meant an increase in assets retained for sale on the bank's balance sheet. Assets increase from 4.8 billion rubles in September to 8.3 billion rubles by the end of the year.

The bank boosted its reserves in the fourth quarter to 15.71% of the total loan portfolio from 15.28% at the end of the third quarter.

Overdue debts accounted for 17.4% of the portfolio at the end of 2009, up from 15.3% posted on September 30, 2009.

Restructured loans accounted for 11.7% of the portfolio. The bank said that total restructured loans decreased by over 30% to 32.8 billion rubles in the second half of 2009.