14 Jan 2010 17:27

Nordea Bank boosts RAS earnings 3.5-fold in 2009

MOSCOW. Jan 14 (Interfax) - Nordea Bank (formerly Orgresbank) boosted net profit to Russian Accounting Standards (RAS) 3.5-fold in 2009 to 3.565 billion rubles, from 1.024 billion rubles in 2008.

The bank, Russia's 23rd largest by assets, according to the Interfax-100 ranking at the end of the first quarter of 2009, said in a statement that Q4 2009 earnings were 1.266 billion rubles. Net profit was 2.339 billion rubles in January-September.

Assets decreased by 25.24% to 173.697 billion rubles from 232.34 billion rubles during Q4.

Orgresbank was established in 1994. The Nordea banking group bought it in May 2009. The bank was consolidated by the fall, when it was rebranded.