OREANDA-NEWS. May 26, 2008. First quarter 2008 results were approved during the meeting of the Supervisory Board of Russian Agricultural Bank and headed by Alexei V. Gordeev, Chairman of the Supervisory Board of Russian Agricultural Bank and Minister of Agriculture of the Russian Federation, reported the press-centre of RAB.

In Q1 2008 RAB maintained reasonable growth rates in all business areas. According to the Russian Accounting Standards, balance sheet total reached RUR 923 billion – 12% growth as compared to the YE 2007. Working assets grew to RUR 501 billion from RUR 451 billion, profit totaled RUR 924 billion.

During the period under review RAB extended loans to the total amount of RUR 58,5 billion and showed 19% growth as compared to the respective period of 2007. The total loan portfolio reached RUR 316 billion – 8% growth as compared to the beginning of 2008. The number of RAB’s clients now exceeds 1 million.

In the framework of the Federal Program on Agribusiness Development 2008-2012 RAB concluded 45 thousand loan agreements to the total amount of RUR 43 billion.

In the beginning of 2008 RAB’s total capital was RUR 49 billion. Given the increase of the authorized capital by RUR 30 billion planned for 2008, RAB’s total capital will reach RUR 80 billion. Such capital increase will provide additional funds for sustainable development of agribusiness lending.