Rosbank's net profit has grown 1.6 times from what it was in 2013 according to a report released Thursday.
For the first 10 months of 2014, Rosbank netted $164 million, which was more than 1.6 times what they had in 2013. The increases can be attributed to loan reserves being recovered. This was possible because the amount of non-performing loans given to corporations decreased from 9 percent to 8 percent.
Retail customer deposits also rose by five percent. This created a passive, but stable base for further growth. Thanks to this and bond placement strategy growth increased by 37 percent compared to Nov. 1 of last year.
Total assets also saw a 15 percent increase to $16.3 billion in the first 10 months of 2014.
Rosbank is a subsidiary under the Societe Generale Group and focuses on a number of banking services tailored for individual and corporate clients. They aim to improve client service through innovation and capturing growth and profitability.