Vozrozhdenie Bank (VB) released its results on Thursday for the first quarter, in accordance with Russian Accounting Standards (RAS).
In the first quarter, the bank made approximately $460,000 in net profits, a 92.6 percent drop from a year ago, attributed to higher income-tax payments, and overall operating income reached approximately $81 million, a 9.1 increase from a year ago.
Bank assets as of April 1 fell by 5.4 percent since the beginning of this year, at approximately $4.3 billion, which the bank attributes to decreased excessive liquidity in cash and equivalents, down by 45.5 percent, as well as securities, down 23.3 percent. The strengthening of the ruble also affected asset value, lowering foreign exchange-denominated assets.
The loan portfolio also saw a decrease of 1.7 percent since the beginning of this year due to external factors impacting borrower activity. The amount of corporate loans contracted by 4.1 compared with a year ago. Retail and mortgage lending relieved some of this contraction with an increase of 3.3 percent compared with a year ago.
The bank reports that capital remained flat during the quarter, at approximately $529 million.