OREANDA-NEWS. May 31, 2010. Drafted to RAS, the Bank’s Q110 net income came in at Rb 116.4 mn vs. a loss of Rb 163.5 mn in the year-earlier period

Uniastrum’s Q110 pretax profit totaled Rb 150.7 compared with a year-earlier loss of Rb 85.3 mn. Results for the reporting period show the lender’s total assets at Rb 148.1 bn. Meantime, its lending portfolio as of April 1, 2010, tipped the scales at Rb 54.9 bn, while profit stood at Rb 149.5 mn as of May 1, 2010. Profit was generated primarily by interest income.

In the first quarter Uniastrum Bank’s charter capital was boosted Rb 1.3 bn following an additional contribution from the shareholder and equals Rb 5.1 bn as of May 1, 2010. The uptick in charter capital is imperative for bigger business growth and if the Bank is to achieve its target of expanding its lending portfolio more than 30% by year-end 2010. Over Q110 Uniastrum saw its equity capital climb 19% to Rb 8.8 bn.

“Uniastrum’s financial performance this first quarter is indicative of a wider, upbeat trend, underscoring the fact that the Russian banking market is continuing to stabilize,” says Oleg Shvetsov, Acting Chairman of Uniastrum’s Management Board. Our plan is increase business volumes in all the areas we cover by improving the quality of our services, and making our products even better value for money.”