Russian Standard Bank posts RAS net profit in H1.

By bne IntelliNews July 28, 2010
RAS net profit of Russian Standard Bank amounted to RUB 2bn (USD 66mn) in H1/10 vs. net loss of RUB 934mn posted in H1/09. In Q2/10 alone, bank posted net profit of RUB 1.03bn vs. RUB 0.96bn in Q1/10. No other details were provided. To remind, Russian Standard Bank posted net IFRS loss of RUB 4.53bn in 2009 vs. net profit of RUB 7.42bn in 2008. As of Jan 1 2010, bank's assets dropped by 38% y/y to RUB 140bn, shareholders equity decreased by 23% y/y to RUB 30bn and client account balances increased by 35% y/y to RUB 27bn. Bank's reserves for losses on loans increased to RUB 12.5bn as of end of 2009 as compared to RUB 9.76bn a year earlier. Russian Standard Bank was established in 1999. Now it is one of the largest domestic private consumer lending banks.

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