OREANDA-NEWS. May 18, 2009. Russian Agricultural Bank has published its audited consolidated financial statements for the year ended 31 December 2008, prepared in accordance with International Financial Reporting Standards (IFRS) and audited by PriceWaterhouseCoopers, reported the press-centre of Russian Agricultural Bank.

In 2008 the Bank demonstrated positive dynamics of its key performance indicators. Amid resource and confidence shortage in the national credit system the Bank continued its stable and sustainable operations, while duly and fully meeting its obligations. RAB has further increased its role in the banking sector of the Russian Federation and expanded its regional branch network.

RAB’s market share in the financing of national agribusiness amounts to 58%. The Bank is well placed for further organic growth with broadly diversified businesses by asset class, by region and by client type.

The Government of the Russian Federation represented by the Federal Agency on Federal Property Management increased the Bank’s authorized capital twice in 2008. Namely, the capital was increased by RUR 2 billion in April and by RUR 31.495 billion in August. As of YE2008, RAB’s authorized capital reached RUR 61.223 billion.

RAB’s capital position is strong, particularly following RUR 45 billion of equity contribution in February 2009. As a result RAB’s authorized capital has now reached RUR 106.223 billion.

The high capitalization level and extensive regional branch network allow the Bank to contribute to sustainable development of agribusiness lending by expanding the scale of lending to agribusiness and rural population in the framework of the Federal Program on Agribusiness Development 2008-2012, by financing grain purchase and commodity interventions and developing land mortgage system.

RAB YE2008 financials according to IFRS are available now at RAB website:
http://www.rshb.ru/en/reports/ifrs.php