OREANDA-NEWS. On 26 August 2009 was announced, that Veles Capital Investment Company published the results of operation in 2009 H1. Brokerage turnover on stock market increased by 4,5 times and formed USD 13,3 bln / 441,7 bln RUR (USD 3,9 bln / 97,4 billion RUR in 2008). Brokerage turnover on bond market increased + 48% in 2009 Q2 as compared to the same period of 2008 and formed USD 1,5 bln / 51 bln RUR ( USD 1,3 bln / 34 bln RUR in 2008 Q2)

Since January 2009 equity capital had increased + 22% and exceeded USD  39 mln / 1,3 bln RUR. Authorized capital had increased + 90% (as compared to the 2008 H1) and as of 30.06.2009 formed USD 28,5 mln / 950 mln RUR (USD  20 mln / 500 mln RUR in 2008 H1). Clients base increased + 30%. Net profit in 2009 H1 formed USD 1,2 mln / 40 mln RUR.

In 2009 H1 Veles Capital participated as so-organizer in secondary bonds offering of TransCreditBank  (issue worth 3 bln RUR), secondary bonds offering of “Yakutskenergo” (issue worth 600 mln RUR), and two issues of “OGK-5” commercial papers (issues worth 4 bln RUR). Also the company was appointed as agent on restructuring of “Nikiskhim-invest’ bonds issue worth 1,5 bln RUR.

At the beginning of 2009 Veles Capital offered clients a new investment instrument – operations with Eurobonds and currency promissory notes. Debt instruments nominated in foreign currency were recognized of optimal mechanism of hedging currency risks in the period of ruble devaluation and instability on the financial markets. Moreover these instruments were very popular among the clients because of the attractive rates and higher security.

Veles Capital’s reliability ratings were confirmed in the sample period. NRA rating was confirmed on “”AA” level (very high reliability, second level). NRA analysts pointed out several positive factors, which contributed to the rating confirmation: “the company responds negative market trends operatively, renders anti-crisis procedures”, “shows sufficient level of financial stability and liquidity”, and shows positive financial results”.

Also Veles Capital is one of the several Russian investment companies, which S&P rating was confirmed (B-, negative/ruBBB-). S&P analyst pointed out that in comparison with the other Russian investment companies financial crisis had limited impact on Veles Capital’s business as the company avoided equity investments in risky financial instruments, margin trading and limited REPO operations. Also among positive factors S&P experts pointed out adequate and constantly increasing level of company capitalization, clear development strategy, company’s ability to show positive financial results even in the situation of economic turbulence.

In April 2009 Veles Capital awarded “Financial Olymp” prize in “largest investment companies / potential and perspective category”.

"Generally speaking 2009 H1 was successful for the company’s business. Following our strategy of development as universal investment bank for large corporate and individual investors Veles Capital increased turnover on stock market and company’s client’s base. In the situation of economic turbulence clients choose reliable companies with good reputation, which have been operation on the financial market for a long time and for which nowadays crisis is not the first one. Veles Capital does not have defaulted liabilities also we again increased company’s authorized capital thus showing market that company is able to cover risks by own means”, - said Alexey Gnedovsky, Veles Capital’s CEO.

Veles Capital IC has been operating on the Russian financial market since 1995. The company renders trust management and brokerage services on Russian and foreign financial markets, as well as corporate finance, financial consulting and wealth management. Veles Capital is rated amongst TOP-10 of the Russian largest investment companies in total turnover of securities (RBC and Kommersant ratings). The company is acknowledged leader of the promissory-notes market, is rated amongst TOP-3 of the Russian largest bond market operators, TOP-20 of the larders stock market operators.

Veles Capital group includes: Veles Capital Investment Company, Veles Management assets Management Company, Veles Capital Development (construction and development services in Russia and abroad), Veles Lex (legal consulting), Veles Leasing, Veles Personnel (HR-consulting). Also Veles Capital has subsidiary companies in Cyprus and Ukraine.