Lipetskcombank’s FY08 IFRS net profit sinks 74.4%

PRIME-TASS. FY08 IFRS net profit earned by Lipetskcombank, part of banking group Zenit, dove by 74.4% y-o-y to Rub 87.8 mln, the lending institution reported Wednesday. Meanwhile, pre-tax profit amounted to Rub 109.5 mln compared to Rub 465.5 mln the previous year.

In 2008 the lender’s equity capital totaled Rub 1.17 bln vs. Rub 1.28 bln, assets grew to Rub 15.81 bln from Rub 15.70 bln, loans provided to clients amounted to Rub 10.09 bln against Rub 9.93 bln a year earlier and clients’ funds totaled Rub 11.77 bln, down from Rub 13.35 bln in 2007.

Lipetskcombank specializes in providing a range of services to corporate clients and households. The lender offers deposit products, mortgage, consumer and auto loans, bank cards to individuals. Bank Zenit (98.998%) has been the lending institution’s major shareholder since June 2007.