RIA NOVOSTI. In the January-March quarter of 2010 MDM-Bank generated net profit, compiled under IFRS, of Rub 151 mln, RIA Novosti reported.
In Q109 before the merger with Ursa Bank MDM-Bank reported a 91.4% y-
Prior to the merger Ursa Bank suffered IFRS losses of Rub 638.6 mln in January-March 2009. These lending institutions merged last August.
The merged bank’s aggregate credit portfolio, net of allowances, dropped 7.7% q-
Corporate loans dropped 3.6% to Rub 148.41 bln vs. Rub 153.91 bln. Household loans fell 13.3% to Rub 79.22 bln from Rub 91.41 bln. SME loans sank 20.9% to Rub 10.13 bln from Rub 12.82 bln.
The lender cut allowances to Rub 43.69 bln (or approximately 16.9% of the portfolio) from Rub 44.12 bln at the end of 2009 (15.7%). In addition, allowances against household loans dropped to Rub 11.82 bln from Rub 14.96 bln.
As of March 31, 2010 restructured corporate loans stood at Rub 25.54 bln or 14.2% of the aggregate credit portfolio excluding household loans (as of December 31 restructured loans amounted to Rub 29.69 bln or 15.7% of the portfolio). Restructured loans granted to households totaled Rub 3.49 bln or 4.4% of the household credit portfolio (Rub 3.07 bln as of December 31 or 3.4%).
