MDM-Bank earns Rub 313 mln in Q1 IFRS aggregate profit

MDM-Bank published its financial statement drafted to International Financial Reporting Standards (IFRS) for January-March 2009, the lending institution’s press service reported Monday. Revenue soared 50.6% to Rub 5.95 bln compared to Rub 3.95 bln in the same period last year, while net interest income jumped by 19.6% y-o-y to Rub 4.10 bln. Aggregate profit amounted to Rub 313 mln (Rub 753 mln in Q108). Profit was mainly depressed by expenses incurred to form reserves against devaluation of credits granted that totaled Rub 3.28 bln in the first quarter of 2009 (Rub 691 mln in January-March 2008).

Meanwhile, the lending institution’s assets dropped 5.8% to Rub 310.10 bln against Rub 329.11 mln at the end of 2008, the net credit portfolio came to Rub 189.40 mln, dropping 2.8% compared to December 31, 2008. Bad debts climbed to Rub 14.67 bln from Rub 8.76 bln as of December 31, 2008. Bad debts increased in all segments of the credit portfolio. Funds held on clients’ accounts totaled Rub 112.47 bln, corporate term deposits rose by 7.2% q-o-q to Rub 45.5 bln and those of households leapt 19.6% to Rub 30.32 bln.