Alfa Bank forecasts IFRS profit for 2009 at $100 mln, loan loss provisions at 9.5%-10%
MOSCOW. March 5 (Interfax) - Alfa Bank expects its IFRS net profit for 2009 to reach at around $100 million, the bank's CFO and deputy chairman, Andrew Baxter, said during a conference call for investors.
He said the bank did not have IFRS net profit in the first half of 2009 owing to reserve formation. Baxter added that provisions for possible loan losses did not increase in the rest of the year, which means the bank should have some net profit, possibly at around $100 million.
The bank's reserves for 2009 came to around 9.5%-10% of its total loan portfolio.
Alfa-Bank is currently finishing up work on its IFRS report for 2009.