OREANDA-NEWS. September 14, 2007. URSA Bank published its consolidated financial statements based on IFRS for the first half 2007, reviewed by KPMG.

According to the statements, the total assets of the Bank as of July 1, 2007 grew by 3.1 times as compared to the July 1, 2006 results and reached RUR 143.7 billion.*

The equity of URSA Bank increased by 7.7 times to reach RUR 26.4 billion.

URSA Bank’s income for the six-month period 2007 amounted to RUR 1.43 billion, that is 2.4 times higher than for the same period in 2006. The key performance indicators of the Bank as of July 1, 2007, return on assets and return on equity, amounted to 2.5% and 31.7% respectively.

The loan portfolio of the Bank is about 67% of its total assets and as of July 1, 2007 amounted to RUR 97 billion, that is a 2.8 times increase as compared to July 1, 2006.

The amount of non-performing loans for more than 90 days decreased by 0.4% since the beginning of 2007. The loan provisioning covers the non-performing loans by 108%.

As of the statements date, the liabilities of URSA Bank showed a 270% increase and amounted to RUR 117.3 billion.

Commenting on the results, General Director of URSA Bank  Kirill Brel said: “We are happy with the results and growth dynamics of the Bank. This is due to the work on effective management system and introduction of new products and services, quite popular among our customers”.