20 Aug 2009 16:45

Vozrozhdenie Bank to publish IFRS for H1 on Aug 26

MOSCOW. Aug 20 (Interfax) - Vozrozhdenie Bank will publish its IFRS financial for the first half of 2009 results on August 26, the bank said in a statement.

At the end of the first half, the bank posted 1.5559 billion rubles in net profit according to international standards.

In April, the bank's managing board chairman Dmitry Orlov said that Vozrozhdenie forecasts 2.6 billion rubles in IFRS net profit for 2009.

"At the end of 2008, we forecast profit at around 7 billion rubles but we also planned to form reserves coming to 1.5 billion rubles. However, we have already created 1.2 billion rubles in reserves this year," Orlov said.

Vozrozhdenie Bank was Russia's 30th largest bank by assets in the first half of 2009, according to the Interfax-100 ranking of the country's biggest lending institutions, compiled by the Interfax Center for Economic Analysis.