13 Apr 2010 18:39

Nomos Bank Q1 net profit drops to 452 mln rubles due to provisioning

MOSCOW. April 13 (Interfax) - Nomos Bank saw net profits contract 21.2% to 452 million rubles from 574 million rubles in the same period last year.

The bank made 813 million rubles in net profits in Q4 last year, and attributed the quarter-to-quarter drop to spending on the creating of provisions for loan impairment.

Nomos Bank increased its provisions to Russian Accounting Standards (RAS) in Q4 by 0.8% from Q3 to 22.65 billion rubles. The level of coverage for past-due debt - which was 9.2% at the end of the year - rose to 149% from 123% over the fourth quarter.

Nomos Bank ended 2009 in 14th place by assets on the Interfax-100 ranking of Russia's biggest banks.