OREANDA-NEWS. On 08 May 2009 Bank Vozrozhdenie reported its Q1 2009 results. The Bank’s assets (under RAS) totaled RUB 138.1 billion, up 17.8% compared to the same period of the previous year (as of April 1, 2008 assets amounted to RUB 117.2 billion). Net quarterly profit amounted to RUB 723 million.

"The bank’s Q1 2009 profit before provisions and taxes totaled RUB 1,935 million, an increase of 42% compared to Q1 2008. But both profit before taxes and net profit under RAS decreased as profit before taxes as of April 1, 2008 was RUB 1,140.3 million while net profit was RUB 868 million.  It’s important to note that the decrease in net profit  resulted from additional  charges to provisions for loan losses which amounted to RUB 1.2 billion in first three months of 2009 , while last year such charges were RUB 0.2 billion" — Tatiana Gavrilkina, Deputy Chairwoman of the Management Board commented.

The volume of corporate lending grew by 21% compared to Q1 2008 to RUB 81.5 billion as of April 1, 2009. The amount of retail portfolio increased by 6% in the same period and reached RUB 18.1 billion. Net interest income rose by more than 24% since the April 1, 2008 and amounted to RUB 2.1 billion as of April 1, 2009. Provisions accounted for 6.17% of the  loan portfolio or RUB 6 billion by the end of the reporting period.

After the outflow of clients’ funds from the banking system during last autumn the Bank managed to recover clients’ confidence in the first quarter and clients’ deposits reached pre-crisis level. The total amount of attracted funds of clients (legal entities and individuals) amounted to RUB 92.9 billion as of April 1, 2009, an increase of  RUB 3.6 billion  since the end of Q1 2008.

Bank Vozrozhdenie equity calculated under Bank of Russia methodology equaled to RUB 19.8 billion rubles as of April 1, 2009, up 27% since the same date of the previous year. The capital adequacy ratio grew by 1.8 basis points since the same period of 2008 and reached 17.4% as of the end of first quarter.