OREANDA-NEWS. On November 08, 2007 Vozrozhdenie Bank (VZRZ) reported nine months 2007 IFRS financial results:
Net income 1,216 million rubles ($48,7 million), double the same period in 2006
Return On Equity (ROE) at 20,0%, above 2006 average of 19.1%
Shareholders Equity reaches 11,2 billion rubles ($499 million)
Assets exceed 100 billion rubles ($4 billion) for the first time, reported the press-centre of Vozrozhdenie Bank.

Our strong business and financial results for the first nine months of 2007 confirm the success of the bank’s long term strategy. Under International Financial Reporting Standards (IFRS) our profit after tax was 1,216 million rubles or $48,7 million, twice the profit of the same period of 2006. Our Return on Equity (ROE) was 20,0%, above the average for last year at 19,1%, but we have now more than doubled the amount of equity available to support the bank’s rapidly expanding business. Careful attention to funding and good credit practices allow the bank to continue to expand its lending, primarily to small and medium size businesses, but with an increasing portion of good quality retail lending.

Full report see here: http://www.vbank.ru/en/press/news/2007/11/aab0ac27-2a8c-4acd-b3d6-3ad320e4d9f3/