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Thursday, August 24, 2017

Rosbank reports profit gains in 2014

Rosbank said profits grew by 1.5 times in 2014 during a monthly report presented Wednesday in accordance with the Russian Accounting Standards.

According to the bank, the increase in overall profit was largely due to increased interest incomes and the alleviation of poor debt showings and revaluations of financial instrument derivatives. The profit total for the bank was approximately $140.7 million U.S.

The bank's loan portfolio saw an increase of 7 percent in 2014, which accounted for approximately $7.05 billion. Retail loans accounted for approximately $3.51 billion in the portfolio, a 3 percent increase over 2013.

Overall, assets grew over the previous year by 33 percent to approximately $14.44 billion.

"We are pleased with the outcome of the bank's activities in 2014. We were able to achieve good results in several areas, despite the difficult situation in the Russian economy and the banking sector," Rosbank's Chairman of the Board Dmitry Olyumin said. "The main goals of 2015, in accordance with the development strategy of the bank, will be managed growth in our priority areas of business and risk control."

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RosBank - Russia

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