21 Jan 2010 11:19

New-look MDM Bank posts 850 mln rubles RAS profit in 2009

MOSCOW. Jan 21 (Interfax) - The new-look MDM Bank closed 2009 with net profit of 850 million rubles to Russian Accounting Standards (RAS), the bank said in a statement.

The bank completed a merger with URSA-Bank in August 2009, and these are the combined entity's first full-year financial results to RAS.

Net profit at MDM Bank was 2.967 billion rubles in 2008, the statement says.

The merged bank posted net profit of 655.343 million rubles in Q4 2009, up 44.7% from 453.015 million rubles in Q3 2009.

MDM Bank was Russia's 12th largest bank by assets, according to the Interfax-100 ranking at the end of the third quarter of 2009.