Novosibirsk Municipal Bank ramps up net profit 35% in 2008

PRIME-TASS. Novosibirsk Municipal Bank (NMB) managed to improve its net profit by 35% y-o-y to Rub 82.10 mln in 2008. These figures were given in the lender’s P&L statement.

Meanwhile, pre-tax profit jumped by 28.3% to Rub 131.73 mln, equity capital climbed 25.5% to Rub 498.67 mln and assets grew 15.1% to Rub 5.10 bln. Also, funds held at lending institutions rocketed 8.5 times to Rub 201.54 mln and net debt rose 23.4% to Rub 3.88 bln.

Funds of clients (non-lending institutions) increased 7% y-o-y to Rub 4.19 bln in 2008, household deposits jumped by 7.3% to Rub 2.28 bln, debt obligations issued were slashed by 15.1 times to Rub 6.12 mln. As of January 1, 2009 the lending institution’s obligations totaled Rub 4.69 bln or 15.1% more than a year ago.

Novosibirsk Municipal Bank was established in 1994. As of January 1, 2009 the lending institution’s charter capital was equal to Rub 100 mln. As of May 1, 2009 the bank’s charter capital grew 30% to Rub 134 mln via the SPO. As the news agency reported earlier, all additional shares were fully purchased by Bank of Khanty-Mansiysk that after the SPO turned into the bank’s largest shareholder (25.37%). Other major shareholders of Novosibirsk Municipal Bank are the Department for Land and Property Relations at Novosibirsk City Hall, municipal unitary enterprise Gorvodokanal, holding company Novosibirsk Electronic Tube Plant — Soyuz, Sibmost and Berdsk Electric Mechanical Plant.