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Friday, May 25, 2018

VB releases 2014 IFRS results

Vozrozhdenie Bank (VB) released its 2014 International Financial Reporting Standards results Wednesday, reporting growth in multiple areas.

"We started to prepare for the anticipated instability in the system well in advance, tightening credit policies and enhancing management of currency, market and operating risks," VB Chairman Alexander Dolgopolov said. "We hope to successfully overcome the latest round of the market turbulence and improve the bank’s position in its key niches."

The bank reported asset growth of 8 percent to $4.1 billion at the end of 2014 along with increases in client funds, operating income and their gross loan portfolio.

Net profit fell 19.3 percent from 2013, with the bank netting $198.9 million. Decreases were seen in income from fees and commission as clients switched to state banks and international payment systems.

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Vozrozhdenie - Russia

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