OREANDA-NEWS. April 16, 2012. PricewaterhouseCoopers Audit has submitted its independent auditor’s report of Center-invest Bank’s operations for the year 2011. This will be the sixteenth year that the bank presents its results to its shareholders and partners using International Financial Reporting Standards (IFRS). PWC has verified the high quality of our accounting practices in 2011, reported the press-centre of Center-Invest Bank.

Center-invest Bank’s new post-crisis development strategy for 2011-2015 envisages the bank’s sustainable, organic growth. The bank will achieve this growth by helping its customers to modernize their businesses and also by further improving its own operating processes and technologies.

The results for the first year its implementation have confirmed that the 2011-2015 Strategy will enable Center-invest Bank to remain competitive amid volatility on global markets. The bank’s net profits for 2011 were RUB912.2m, up more than fourfold on 2010.

The auditors noted that Center-invest Bank’s risk management system meets international risk management standards and covers the whole spectrum of risks arising from the bank’s operations. As such, the system provides for the bank’s rapid growth and protects the interests of its customers and investors.

The bank maintained a high level of capital adequacy under IFRS: 18.2%, applying Basel I, or 15.9%, applying the Basel II (III) requirements.

The bank’s net assets increased by 12.8% in 2011 to RUB54.5bn. Our assets are concentrated in the real sector of the economy: the bank’s loan and lease portfolio grew by 38.9%, reaching RUB42.5bn.

In 2011 retail deposits increased by 20.7% to more than RUB28.3bn.

The confirmation by a leading international auditor that the key financial results for southern Russia’s largest bank indicate sustainable growth sends a positive signal to players in global markets who are currently searching for partners to invest in sustainable and rapidly developing regions.