OREANDA-NEWS. May 11, 2010. Russian Agricultural has published its audited consolidated financial statements for the year ended 31 December 2009, prepared in accordance with International Financial Reporting Standards (IFRS) and audited by PriceWaterhouseCoopers, reported the press-centre of Russian Agricultural Bank.

In 2009, the Bank demonstrated positive dynamics of its key performance indicators in compliance with management plans. Amid financial turmoil Russian Agricultural Bank continued its stable and sustainable operations, while duly and fully meeting its obligations. RusAg has further increased its role in the banking sector of the Russian Federation and expanded its regional branch network.

The Bank remains the leading financial institution in lending to Russian agribusiness. The growth rates of the Bank’s loan portfolio, assets, capital and funding base are above the average level in the banking system of Russia. The Bank is well placed for further organic growth with broadly diversified businesses by asset class, by region and by client type.

Looking ahead RusAg’s capital position is strong, particularly following RUR 45 billion of equity contribution in February 2009 and RUR 825 million in February 2010. As a result the Bank’s authorized capital has now reached RUR 107.05 billion. RusAg believes that capital strength and liquidity are two of its key features, ensuring that it is well positioned to maintain its superior results along all of its business lines and to seize new opportunities for agribusiness support.

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, developing land mortgage system, and providing for technical and technological modernization of the agribusiness of Russia.

RusAg looks ahead to tomorrow’s challenges with confidence, clarity, and an ambition to advance its position among the Russian Federation’s top financial institutions.

RusAg YE2009 financials according to IFRS are available now at RusAg website: http://www.rshb.ru/en/reports/ifrs.php