OREANDA-NEWS. May 13, 2011. Russian Agricultural Bank has published its audited consolidated financial statements for the year ended December 31, 2010 prepared in accordance with International Financial Reporting Standards (IFRS) and audited by ZAO “PricewaterhouseCoopers Audit”, reported the press-centre of Russian Agricultural Bank.

In 2010, the Bank demonstrated positive dynamics of its key performance indicators in compliance with management plans. In the conditions of financial markets recovery, 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.

Loan portfolio of the Bank grew by 18% and amounted to RUR 688.5 billion as of December 31, 2010. Net profit as of YE2010 made up 47% as compared to the previous period and amounted to RUR 369 million. Net interest income reached RUR 51.6 billion.

In the reporting period RusAg increased its share of customer funds in the Bank’s liabilities by more than 60% and decreased by 45% its share of interbank borrowings, which corresponds to the Bank's development strategy in the medium term.

Looking ahead RusAg’s capital position is strong, particularly following RUR 825 million of equity contribution in February 2010 and RUR 1 billion in December 2010. As a result the Bank’s authorized capital has now reached RUR 108.05 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 YE2010 financials according to IFRS are available now at RusAg website: http://www.rshb.ru/en/reports/ifrs.php