OREANDA-NEWS. On 15 April 2009 was announced, that according to the IAS financial statements as of December 31st 2008,

Assets of SOTSGORBANK increased by 17% and amounted to RUB 16.1 bln.

Capital of the bank increased by 44% from  RUB 1.4 up to 2.1 bln.

Net interest income increased by 85% and amounted to RUB 1 bln.

Net fee and commission income grew by 39% up to RUB 202 mln.

Net interest margin grew to 8.76% from 4.61%

Loan portfolio arrears over 90 days amounted to 0.6%

Net income of the bank for the year 2008 amounted to RUB 60.2 mln.

“Although growth rate slowed down in comparison with 2007, the bank demonstrated solid growth  in spite of the difficult economic environment during 2008. Even in autumn, in critical phase of the crisis, we have managed to maintain positive dynamics. Net assets increased in 2H2008 by 5% in comparison with the 1H2008”, comments Deputy Chairman of the Management Board of SOTSGORBANK, Oksana Ulanova.

According to International business and financial institutions Department Director Alexander Golev, regulary reporting compiled with IAS financial statements increases the bank’s openness and transparency. “It is very important for our partners and investors to receive up-to-date data. This increases their confidence and interest in the Bank. For this reason we reported in 2008 on the semiannual basis”.

International audit, tax and advisory company KPMG is an external auditor of SOTSGORBANK according to IAS.