OREANDA-NEWS. November 05, 2008. Bank Vozrozhdenie profit before tax for 9 months of 2008 by RAS has doubled comparing to the similar period of 2007 to RUB 3.7 bln. Net profit after taxes was equal to RUB 2.7 bln up from RUB 1.2 bln for 9M07, reported the press-centre of Bank Vozrozhdenie.

For 9 months net assets grew by 23% to RUB 137 bln., an increase of 37% comparing to the same period last year.

The bank’s capital calculated according to the Bank of Russia methodology grew by 30% to RUB 19 bln up from RUB 14 bln as at January 1, 2008. Capital adequacy ratio was 15.4% significantly exceeding the minimum level established at 10.0%

Volume of corporate and retail client’s funds rose by 37% during the last 12 months and reached RUB 106 bln as at October 1, 2008. Retail customers’ funds grew by 12% from the beginning of this year to the level of RUB 55 bln.

Total loan portfolio (corporate and retail clients) increased by 34% comparing to the same date of the last year and as at October 1, 2008 was equal to RUB 107 mln.

“Conservative strategy to keep significant liquidity cushion in the Bank’s balance sheet has proved itself to the full extent. In spite of worsening of the overall economic situation during the third quarter of 2008 the bank has not only continued servicing all it’s clients in a usual manner but also gained a very good profit, — says Dmitriy Orlov, The Chairman of Bank Vozrozhdenie Management Board, — we understand that the fourth quarter will be uneasy for all banks, however we are sure that in the partnership with our clients, with most of whom bank has been working for long, we will be able to go throuth these difficult times.”

Vozrozhdenie Bank, a community bank for companies and individuals, was founded in 1991. (General License from the Central Bank of the Russian Federation # 1439, March 24, 2003.) Among the Top 30 Russian Banks in the Central Banks rating, its network includes 174 offices and over 600 ATMs in 20 regions of Russia. The Bank provides more than 1,200,000 individual and 55,000 corporate clients with a wide range of services, from savings accounts, payment handling, payroll management, to mortgages, bank cards and business and consumer loans.