OREANDA-NEWS. June 08, 2011. Promsvyazbank has announced its Q1 2011 results based on management accounts in accordance with IFRS, reported the press-centre of Promsvyazbank.

Net profit for Q1 2011 was reported at RUB651 mln which exceeds by almost 14 times the indicator for the same period of time in 2010.

Net interest and commission income increased by 13% and 27% respectively compared to Q1 2010. Tier 1 capital ratio and total capital adequacy ratio remained almost unchanged since the YE 2010 and stood at 10.2% and 14.2% respectively as at 1 April 2011.

An updated Investor Bulletin of Promsvyazbank provides a more detailed discussion of Q1 2011 financial results and is available on website.

About Promsvyazbank
OJSC Promsvyazbank, founded in 1995, is one of the leading privately-owned Russian banks, with total assets of RUB 471 bn, and total capital of RUB 59.5 bn under MA based on IFRS as at 1 April 2011. Holding company Promsvyaz Capital B. V. owns 72.93% of the Bank, Commerzbank Auslandsbanken Holding AG, a subsidiary of the second-largest German bank Commerzbank AG, has a 15.32% stake, and the European Bank for Reconstruction and Development owns the remaining 11.75%. PSB has the following international credit ratings: “Ba2” from Moody’s Investors Service; “BB-” from Fitch Ratings. As at 1 May 2010, PSB had a network of 246 points of sale in Russia, including 43 branches, a foreign branch in Cyprus, and representative offices in China, India and Ukraine. http://eng.psbank.ru/