The Bank of Moscow was the most rapidly developing bank in Russia in 2013 among those in the retail market and was close to being among the top 10 banks by volume of retail credit portfolio, according to recently release retail business development results.

The bank improved its last-year results for the majority of business segments and earned approximately $55 million in revenue compared to the loss that had been forecast.

The retail credit portfolio increased by $2.03 billion and amounted to $4.7 billion in 2013. The sales of retail credits were 1.5 times higher than that in 2012 and made up approximately $2.19 billion.

The bank's credit card portfolio increased by 1.6 times and reached $210 million.

"The year-end results confirmed that we chose the right strategy of retail business development in 2012," Vladimir Verkhoshinsky, a Bank of Moscow board member, said. "A close internal cooperation with the Bank of Moscow corporate business and VTB Group partners enabled us to demonstrate high dynamics and to occupy leading positions at the retail banking market."