Bank Vozrozhdenie, a Russian bank founded in 1991 and headquartered in Moscow, announced 9M 2013 IFRS results on Tuesday, including a net profit of $24 million.
Other results included a 3.6 percent increase in assets to $6.7 billion, stable operating income of $339 million and cost-to-income ratio of 58 percent.
"Decelerating economic trends and unstable market sentiments continued to persist over the last quarter. Nevertheless, the bank's pro-active targeted work with customers from its traditional niches, SME and retail, brought its fruits of ongoing operating results improvement," Andrey Shalimov, the deputy chairman of the management board, said. "During the last three months of the reporting period, we focused on the intensive growth of interest earning assets in order to employ the raised resources more effectively.
"Thanks to it, we reached an optimal level of loan-to-deposit ratio and recovered net interest margin to the planned level. However, a need of completing coverage of earlier impaired loans required us to channel the substantial part of income to provisions that pressed the bottom line down."
The bank provides personal banking and business services to clients in Russia through a network that includes 161 bank branches and more than 780 ATMs.
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