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Saturday, August 19, 2017

Bank Vozrozhdenie's earnings soar throughout year

Under Russian accounting standards (RAS), Bank Vozrozhdenie (BV) released its results for the first nine months of 2014 on Thursday.

The bank had posted operational income at approximately $230.9 million before tax provisions. Net interest income growth rose by 4.3 percent to $150 million based on increased interest rates on loans.

Net income for the bank for the nine-month mark in 2014 grew almost three-fold over the same time period in 2013. This can be attributed to deferred tax assets of nearly $31.8 million and an 8.2 percent increase in pre-tax profit.

A decrease in business activity across the country led to a 6 percent decline in the bank's corporate loans since the beginning of the year, so reliable borrowers were scarce. The demand for mortgages and consumer loans increased, stimulating their retail lending portfolio.

From the beginning of the year, the bank's assets grew 12.8 percent, by approximately $555 million.

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Vozrozhdenie - Russia

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