OREANDA-NEWS. July 15, 2008. URSA Bank today released its statutory financial reporting per Russian Accounting Standards (RAS). They show that the Bank earned RUR 2.6bn in 1H 2008, which is 60% higher than net income for 1H07.

On July, 1 2008, the Bank’s gross assets stood at RUR 336.1bn, or up by 70% year-on, while  net assets rose by 50%, exceeding RUR 220.5bn. Customer accounts grew 90% totalling RUR 77.3bn. The major drive for deposit growth was term deposits, both retail and corporate. Total retail deposits at July, 1 2008, were RUR 40.1bn, while corporate deposits made up RUR 37.2bn.

Loan portfolio also increased by 40% to RUR 139.9bn, of which RUR 63bn were retail loans and the remaining RUR 76.9bn were corporate. The shareholders’ equity amounted to RUR 24.8bn at July 1, 2008.

“The successful implementation of the Bank’s strategy is the key factor behind positive financial results of URSA Bank and the growth in its major business lines in the first half of 2008,” says CFO Vladislav Khokhlov. “This strategy calls for further strengthening of the Bank’s positions in its home markets leading to the annual asset growth of 40%, fuelled primarily by deposits.”