OREANDA-NEWS. March 17, 2011. The lender’s FY2010 results drafted to RAS reveal a more than 5-fold jump in net income year-on-year, totaling Rb 476.3 mn as of January 1, 2011 (discounting operations falling outside the reporting year), reported the press-centre of Uniastrum.

Uniastrum’s radically improved profits come on the back of a sustained uptrend in interest income generated by more expansive lending. In the reporting period the Bank’s overall credit portfolio grew 30%, tipping the scales at Rb 65 bn as of year-start 2011 (excluding operations on the interbank lending market). Meantime, incremental growth of Uniastrum’s credit card portfolio totaled 90%, its personal loan and corporate credit portfolios expanded 76.5% and 27.4%, respectively, while the lender’s small business credit portfolio swelled a healthy 90%.

Uniastrum’s total net assets improved 21%, amounting to Rb 84.7 bn as of January 1, 2011. By the same date equity capital rose 22% to Rb 9 bn and capital adequacy ratio 12.15%.

“In 2010 we achieved our business development targets, substantially ramping up profit in the process,” notes Uniastrum Bank President Gagik Zakaryan. “This year our core focus will remain retail-side operations and SME finance, at the same time paying more attention to developing and upgrading IT and improving the work of our branch network.”