OREANDA-NEWS. April 21, 2010. BANK URALSIB (OJSC “URALSIB” or the Bank) (RTS: USBN) reports on IQ2010 financial results under Russian Accounting Standards (RAS).

Net income of the Bank reached 1.5 bln rubles during January- March 2010 vs net loss of 1.7 bln rubles y-o-y 2009. During March 2010 net income of the Bank amounted to 694 mln rubles. During 3M2010 net interest income of the Bank amounted to 2.5 bln rubles, net fee and commission income - 1.2 bln rubles. Net operating income reached 4.3 bln rubles, that is up by 53.1% y-o-y 2009.

The Bank’s net gains from operations with securities amounted to 199 mln rubles in IQ2010, that is 29.3% up vs y-o-y 2009.

The Bank’s assets reduced by 2.9% to 368.2 bln rubles as of 01.04.2010. Such result is mostly due to the decrease of hard currency assets ruble equivalent owing to appreciation of the ruble against US dollar and euro.

The loan portfolio of the Bank amounted to 201.9 bln rubles as of 01.04.2010, remaining at the same level y-t-d.  During 2009 loan portfolio shrank, displaying its minimum at the end of IVQ2009. Overdue loans/loan portfolio amounted to 11.6% at the end of the reporting period; this ratio is expected to fall down subsequently. The Bank plans to increase loan portfolio in IIH2010 due to the presence of favorable external factors. Loans to SME, consumer lending and mortgage loans are in the focus of the Bank’s loan policy.

Customer accounts decreased insignificantly by 1.7% y-t-d and reached 233.4 bln rubles as of 01.04.2010, displaying multidirectional dynamics: individual accounts increased to 88.3 bln rubles, corporate accounts reduced to 145.1 bln rubles.

Total regulatory capital under CBR methodology amounted to 48.5 bln rubles as of 01.04.2010 (down by 11.2% y-t-d). This reduction of total regulatory capital was caused by accounting entry of loan loss reserves, made in accordance with CBR regulations, which affected 2009 financial results. The capital adequacy ratio (N1) highly exceeded the minimum level and reached 15.2% as of 01.04.2010.