OREANDA-NEWS. July 12, 2012. Rosbank presented the Financial Statements prepared in accordance with the International Financial Reporting Standards (IFRS) for the first time since consolidation of Societe Generale Group banking assets in Russia. Rosbank’s net profit under IFRS for the year 2011 amounted to 8.52 billion rubles.

The Board of Directors of Rosbank approved the Consolidated Financial Statements for the year 2011, according to which the profit of Rosbank, including subsidiaries, amounted to 8.52 billion rubles. As a result, Rosbank entered the top five among private banks and the top ten among all Russian banks in terms of profit.

A key factor of the profit increase was a synergetic effect on the consolidation of the banking assets of Societe Generale in Russia, as well as growth of net interest income from operations in the corporate and retail business. The loan portfolio at the end 2011 amounted to 542.7 billion rubles, most of it falls on retail business - 358.6 billion rubles.

Net assets for the period amounted to 745.5 billion rubles, capital exceeded 104 billion rubles by end of 2011.

"2011 was marked by consolidation of the Russian financial assets of Societe Generale, so the challenge for us was to maintain development during the complex process of integration. The positive final results show that we were able to achieve this goal. Over the past year we have improved corporate governance, due to the synergy of different business areas and cross-selling we have increased operational efficiency, and the process of the network’s restructuring to improve its profitability. Given the size of the network, more than 1,200 sales outlets and nearly 700 offices, the modernization will allow us to develop successfully in the future ", - said Vladimir Golubkov, CEO of Rosbank.