OREANDA-NEWS. The Bank of Moscow is one of the most stable finance and credit institutions in Russia and is constantly expanding its influence on the banking services market.

The balance sheet profits of the Bank of Moscow for the 1st half of 2007 amounted to 4.6 billion roubles and net profits to 3.4 billion roubles. The balance sheet profit of the Bank for the first six months of 2007 was 34% higher than the profit for the same period of 2006, while net profit was 20% higher.

The Bank of Moscow’s assets (according to the published accounts) have increased by 19% since the beginning of the year and, as of 01 July, 2007, amounted to 431.2 billion roubles.

The Bank of Moscow’s equity capital (calculated in accordance with the methodology of the Central Bank of the Russian Federation) for the first 6 months of 2007 increased by 43% and, as of 01 July, 2007, amounted to 55.1 billion roubles. During the 2nd quarter of 2007, the Bank held its 11th share issue. The volume of proceeds from placed securities totalled 7.0 billion roubles. In addition, the Bank placed subordinated Eurobonds to the sum of 400 million US dollars, which also increases the equity capital.

The number of corporate clients rose over the six months by 7% to reach 98.3 thousand. The number of individual clients rose by 9% to 7.7 million. The total sum of funds drawn from the Bank’s clients (including funds of banks and debt liabilities issued) went up over the half year by 18% and, as of 01 July, 2007, stood at 389.3 billion roubles, including 104.9 billion roubles of individuals’ funds, in consideration of funds on bank cards, which had increased by 24% since the beginning of the year.

As of 01 July, 2007, the number of bank cards issued by the Bank of Moscow amounted to 7.7 million, including 4.9 million "Moscow Citizen Social Cards". The number of automatic telling machines went up by 7% over the 6-month period to reach 1.3 thousand. 

The Bank’s credit portfolio (for corporate clients and individuals) stood at 277.7 billion roubles on 01 July, 2007, this being 16% higher than six months previously. The volume of credits extended to individuals rose by 43% to total 47.4 billion roubles.

The Bank of Moscow renders services to clients via a network of 102 separate subdivisions (branches, mini-branches, cash desks and exchange points) operating in all administrative areas of the city of Moscow and the Moscow Region. Services are also rendered to the populace at 470 postal and banking offices in Moscow and the Moscow Region.

The Bank of Moscow is represented in virtually all the economically significant regions of the country, with regional subdivisions (subsidiaries, additional offices, cash desks and exchange points) numbering 223 as of 01 July, 2007. The Bank’s subsidiary network had assets worth 83.0 billion roubles or 17% of the Bank’s total assets.

In order to improve the quality of the services provided by the Bank, it is constantly increasing the number of its centres for rendering client services. On 01 July, 2007, in Moscow and the regions the Bank had: 85 credit offices, 710 service points in retail chains and 140 automated self-service zones.

The Bank’s reliability is confirmed by the major international rating agencies: Moody's Investors Service gives the Bank of Moscow a long-term credit rating of "Baа2" and its Eurobonds an "A3" rating. The rating forecast is "stable". Fitch Ratings gives a long-term credit rating of "BВВ" and the Bank of Moscow’s Eurobonds a rating of "ВВB" too. The rating forecast is "stable".

The quotations of the Bank of Moscow’s shares on the MICEX rose by 19% over the first six months of 2007 to reach 491 roubles a share (against a nominal value of 100 roubles).