OREANDA-NEWS. On May 29, 2007 Sviaz-Bank received Deloitte&Touche’s audit report on the consolidated financial statements for 2006. The account testifies that Sviaz-Bank is maintaining its key indices at a high level, reported the press-centre of  Sviaz-Bank.

The Bank’s assets for 2006 have doubled and, as of January 1, 2007, amounted to 62,505 million rubles. Net profit for 2006 amounted to 84,683,000 rubles, which was slightly higher than the result for 2005.

Customer funds increased 2,2-fold and, at the end of 2006, amounted to 33,572 million rubles. When commenting on the results of Sviaz-Bank’s activity in 2006, Deputy Chairman of the Executive Board Mihail Chagin said: “In 2006, both Sviaz-Bank’s revenue and spending increased, the main articles of which were asset depreciation reserves, as well as operational spending related largely to development of the retail business. In particular, significant funds were used to open branches in the regions and offices in Moscow, develop the technological complex, and renew the corporative image. Under these conditions, it is encouraging that we succeeded in keeping IFRS profit at the level of the previous period.”

We will remind you that according to the Russian Accounting Standards, the Bank’s net assets as of January 1, 2007 amounted to 56,666 million rubles, which is 78% more than as of January 1, 2006. Net profit for 2006 rose by more than 2,5-fold compared with 2005 and amounted to 503 million rubles. Customer funds increased 2,2-fold and, at the end of 2006, amounted to 33,668 million rubles.