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JSB “ORGRESBANK” has announced the results of the first half of 2008. The Bank’s net profit as per IFRS has doubled year-on-year reaching 717.42 million Roubles as of 1 July.
Equity has also doubled totaling 9.71 billion Roubles, assets are 3.4 times as high increasing to a formidable 107.28 billion Roubles.
The Bank’s total lending (including loans to banks) has grown more than four-fold, up to 90.50 billion Roubles from 21.63 billion Roubles last year. As of 1 July 2008 loans disbursed by the Bank to corporate and institutional clients are 76.28 billion Roubles. This value is more than four times as high as 18.41 billion Roubles in the same period last year.
The significant growth of corporate lending is accounted for by the Bank’s dynamic relations with the blue chips in the core industries, such as metal smelting, energy, petrochemistry, telecom, construction and development, etc.
ORGRESBANK’s retail lending is 3.5 times as high as last year totaling 7.85 billion Roubles as of 1 July 2008. Mortgage lending to private individuals accounts for the bulk of the retail portfolio (3.36 billion Roubles). In total lending auto loans are second to mortgage. As of the start of July the Bank has lent 2.36 billion Roubles as car loans.
As of the end of 1H 2008 the Bank has 18.21 billion Roubles of customer accounts, up 6.72 billion Roubles year-on-year.
The Bank’s regional development is fully in line with the plans. Over the first 6 months of 2008 seven regional branches have been launched: Novosibirsk, Stary Oskol, Chelyabinsk, Rostov-on-Don, Volgograd and Arkhangelsk.
ORGRESBANK’s FINANCIAL RESULTS (IFRS, billion Roubles)
|Total lending (including loans to banks)|| |
|-corporate and the institutional lending|| |
|Net profit|| |