JSB “ORGRESBANK” has announced the results of the third quarter of 2008. The Bank’s net profit as per IFRS over a period of 9 months has increased by the factor of 2.5 year-on-year reaching 1.34 billion Roubles as
of 1 October 2008.The Bank’s equity has more than doubled totaling 10.33 billion Roubles, the assets are more than 3 times as high increasing to a formidable 139.53 billion Roubles.
The Bank’s total lending has grown by the factor of 3.6 up to 121.68 billion Roubles from 33.52 billion Roubles last year. As of 1 October 2008 loans disbursed by the Bank to corporate and institutional clients are 108.47 billion Roubles. This value is 3.7 times as high as 29.13 billion Roubles in the same period last year.
The rapid growth of corporate lending is accounted for by the Bank’s close customer relations with Russian and international blue chips in various industries as well as the benefits coming from the funding strengths of all parts of the Nordea Group.
The Bank’s retail lending at the end of Quarter 3, 2008 is 2.8 times as high as last year totaling 10.04 billion Roubles as of 1 October 2008.
As of the end of Quarter 3, 2008 the Bank has 20.71 billion Roubles of customer accounts, up 76% year-on-year from 11.73 billion Roubles as of 1 October 2007.
The significant growth of all the indicators in the key corporate and retail business lines is testament to the successful implementation of the Bank’s Strategy for 2008-2011 adopted late in 2007.
ORGRESBANK’s FINANCIAL RESULTS (IFRS, billion Roubles)
|Total lending(including loans to banks)|| |
corporate and institutional lending
|Net profit|| |
Joint Stock Bank ORGRESBANK (OJSC) has been operating on the banking market since 1994 and is currently one of TOP-40 Russian banks by equity and assets. In March 2007 Nordea Group - the leading financial institution of Northern Europe - became the majority shareholder of JSB ORGRESBANK, other shareholders include the European Bank for Reconstruction and Development.
ORGRESBANK is assigned one of the highest ratings among the Russian banks by Fitch Ratings: rating of issuer default "A", short-term rating- "F-2", support - "1", national long term rating - "AAA (Rus).
ORGRESBANK is providing a full range of services to corporate and individual clients, has 10 outlets in Moscow and 15 regional branches.
Nordea’s vision is to be the leading Nordic bank, acknowledged for its people, creating superior value for customers and shareholders. We are making it possible for our customers to reach their goals by providing a wide range of products, services and solutions within banking, asset management and insurance. Nordea has around 10 million customers, more than 1,100 branch offices and a leading netbanking position with 4.8 million e-customers. The Nordea share is listed on the stock exchanges in Stockholm, Helsinki and Copenhagen.