OREANDA-NEWS. January 22, 2007. The net profit of Bank Petrocommerce plummeted to RUB 1,639bn (USD 66,87mn) in 2007 which is a 52% y/y decrease, the bank said in its statement on Jan 21, reported the press-centre of Bank Petrocommerce.

In H1/07, the net profit amounted to RUB 686,6mn, which was 3-fold y/y decrease. The bank explained the fall of net profit by slow growth of revenues from operations with securities and increasing reserves that are accumulated for possible future losses.

Bank Petrocommerce is one of the top 15 domestic banks in terms of shareholders' equity and assets. It is closely affiliated with oil major LUKOIL.