OREANDA-NEWS. On October 23, 2008 JSB “ORGRESBANK” has announced the results of the third quarter of 2008. The Bank’s net profit as per IFRS over a period of 9 months has increased by the factor of 2.5 year-on-year reaching 1.34 billion Roubles as of 1 October 2008, reported the press-centre of ORGRESBANK.

The Bank’s equity has more than doubled totaling 10.33 billion Roubles, the assets are more than 3 times as high increasing to a formidable 139.53 billion Roubles.

The Bank’s total lending has grown by the factor of 3.6 up to 121.68 billion Roubles from 33.52 billion Roubles last year. As of 1 October 2008 loans disbursed by the Bank to corporate and institutional clients are 108.47 billion Roubles. This value is 3.7 times as high as 29.13 billion Roubles in the same period last year.

The rapid growth of corporate lending is accounted for by the Bank’s close customer relations with Russian and international blue chips in various industries as well as the benefits coming from the funding strengths of all parts of the Nordea Group.

The Bank’s retail lending at the end of Quarter 3, 2008 is 2.8 times as high as last year totaling 10.04 billion Roubles as of 1 October 2008.

As of the end of Quarter 3, 2008 the Bank has 20.71 billion Roubles of customer accounts, up 76% year-on-year from 11.73 billion Roubles as of 1 October 2007.

The significant growth of all the indicators in the key corporate and retail business lines is testament to the successful implementation of the Bank’s Strategy for 2008-2011 adopted late in 2007.