OREANDA-NEWS. On 07 May 2009 was announced, that consolidated IFRS statements audited by Ernst & Young Vneshaudit point to rapid growth of the Group’s key financial indicators.

Based on 2008 performance:

- consolidated assets of TransCreditBank Group increased from RUR142.0 mln to RUR244.4 mln (USD 8.3 bn) or 1.7 times;

- the Group generated RUR3.5 bn (USD 120 mln) of net profits, 30% up from 2007 (RUR2.7 bn);

- shareholders’ equity grew to RUR16.3 bn (USD 555 mln) from RUR8.7 bn, registering a 1.9 times y-o-y increase;

- capital adequacy ratio stepped up to 12.7 % (11.3% based on 2007 performance).

The loan book increased 1.6 times reaching RUR140.6 bn (USD 4.8 bn) as of January 1, 2009.  The Group significantly expanded its resource base.  Thus, funding raised from clients amounted to RUR131.9 bn (USD 4.5 bn), 86% up from 2007 (RUR71.0 bn).

President of TransCreditBank Pushkin: “In 2008 TransCreditBank proceeded with implementation of its medium-term Development Strategy with a view of joining the league of largest Russian banks by 2011.  In spite of economic downturn and lack-lustre performance of the financial sector prevailing at the end of last year, the Bank made a major step in this direction by significantly improving its financial performance indicators, fully performing clients’ transactions in a timely manner, successfully implementing key development programs and maintaining the required capital and liquidity levels”.