OREANDA-NEWS. April 10, 2009. URSA Bank is pleased to release the IFRS financial statements for the nine months of 2008. The total assets at September 30, 2008, stood at USD7.4bn, growing by 10% year on year. The shareholders’s equity also grew by 10% and reached USD1.16bn, taking the capital adequacy ratio to 16.1%, or twice the requirement of Basel Committee.

Net loan portfolio of URSA Bank was USD5.2bn, up 3% year on. The level of non-performing loans over 90 days was 4.9%, fully covered by provisions at 106%.

Customer accounts increased by 40% and reached USD1.4bn.

Net income for the nine months of 2008 totaled USD49.6m, or up 50% year on.

First Deputy CEO Mr. Vladislav Khokhlov notes that “the slower pace of income growth in the third quarter of 2008 is largely attributable to worsening economic conditions, dictating more conservative risk management and provisioning policies, including higher liquidity cushion and larger provisioning levels. These measures allow the Bank’s to operate confidently in today’s challenging environment, and to maintain its reputation as a reliable Bank and partner with its clients and investors.”