OREANDA-NEWS.  On 11 April 2008 BANK URALSIB reported 1Q2008 financial results under Russian Accounting Standards (RAS).

Net income of the Bank reached 1.706 bln rubles in 1Q2008. Pre-tax income amounted to 2.280 bln rubles. Despite losses from securities in January 2008 caused by the stock market turbulence, the Bank accomplished the reporting period with positive financial results.

Net income of the Bank was secured mainly by increase of both net interest income and fee and commission income. Net interest income reached 4.070 bln rubles in 1Q2008, thus redoubling (103% growth) vs 1Q2007.

Net fee and commission income amounted to 1.559 bln rubles, thus growing by 33% vs 1Q2007.

Despite the disadvantageous market trends early in 2008 the Bank reported earnings from securities and foreign currency transactions.

Nevertheless net income from securities amounted only to 1.2% in the total operating income of the Bank vs 56.3% in 1Q2007.

The key challenge of the last reporting period for the management was the increase of the core banking income. In 1Q2008 the core banking income covered operating and other non-operating expenses (ratio - 142%). The strict staff costs and other non-operating expenses control allowed improving Cost-to-Income ratio (C/I) to 62.7% in 1Q2008.