OREANDA-NEWS. On March 14, annual General Assembly of Shareholders of JSC “Belarussian Industrial Bank” was conducted. Chairman of the Supervisory Board, Vladislav A.Kotsarenko, opened the annual General Assembly of Shareholders.

Andrey E.Kireev, Chairman of the Board, delivered the main report “About the results of JSC “Belarussian Industrial Bank” in 2007 and Program for its Development for 2008”. Passed year was marked for JSC “Belarussian Industrial Bank” by the sign of stability and development. According to the results of activity in the year of 2007 the balance profit amounted to 3.2 billion Belarusian rubles. Bank’s equity has increased by 36.6% and reached 33.6 billion Belarusian rubles, authorized capital has increased in more than 2 times, and totaled to 16.0 billion Belarusian rubles, or 5.1 million euro. Profitability of equity came to 12.4% (in average for the banking system 9.3%). Bank’s net assets increased from the beginning of the year by 25.1%, having reached 97.9 billion Belarusian rubles (after fixed assets revaluation). Profitability of net assets came to 3,2% (that exceeded in more than 2 times an average indicator for the banking system). During the year of 2007 the Bank was at the first ten domestic financial institutions according to this indicator.

In his report Chairman of the Board Andrey E.Kireev has also marked among the important positive results of activity – credit portfolio growth and significant improvement of its quality. As at 01.01.2008 credit portfolio totaled to 47.7 billion Belarusian rubles, having increased from the beginning of the year in 1.3 times. High repayment of credits was ensured. Share of bad debts in customers’ and banks’ debts in credit operations as at 01.02.2008 comprised 0.04% (in the passed year – 0.7%). Among Bank’s large investment projects in 2007 – financing of reconstruction at Moskvin street in the capital of the republic, medicine products production, trucks purchasing, several other projects. Credit portfolio structure was marked by significant increase in resources to construction.

Chairman of the Board Andrey E.Kireev drew attention of the presented to the issue of strengthening in material base of branch network. In the passed year new offices for Bank’s branches in Grodno, Mogilev, Vitebsk were opened, and premises for Gomel branch were purchased.

Speaker has analyzed in details Bank’s work in all the activities during the passed year.

Shareholders accepted the Board’s activity in 2007 to have been good, and approved “Program for Development of JSC “Belarussian Industrial Bank” for 2008”, which provides for further increase of Bank’s authorized capital and equity, increase in crediting for real sector of the economy, enlargement of customers base, introduction of new banking products and services, strengthening Bank’s positions at interbank market.

Shareholders approved Bank’s annual financial reporting, confirmed by the external audit, allocation profit from 2007, norms of deductions from profit for 2008 and increase in authorized capital for more than 1.0 billion Belarusian rubles. General Assembly of Shareholders also approved the decision to pay dividends for privileged shares at 10% p.a. according to the results of 2007 financial year.

The shareholders elected the Supervisory Board consisting of three people. Vladislav A.Kotsarenko has been reelected the Chairman of the Supervisory Board.

For all the issues, that were considered at General Assembly of Shareholders, appropriate decisions were made.