PRIME-TASS. Russian banks that are controlled by French banking group Societe Generale reported €3 mln net profit in January-June 2011 against a €46 mln loss a year earlier. Prime-TASS reports quoting SocGen’s financial statement.
In April-June 2011 their net profit reached €1 mln vs. a €22 mln loss in the year-earlier period.
In January-June 2011 net allocations to provisions amounted to €78 mln against €222 mln in the first half of 2010. Funds allocated to provisions in 2Q totaled €43 mln compared to €109 mln a year earlier.
Net earnings from operations of SocGen’s Russian banks jumped 8.3% to €492 mln in January-June. The indicator grew 4.2% to €248 mln in April-June 2011.
At the same time, 1H net operating profit came to €15 mln vs. a €86 mln loss last year. Net operating profit equaled €5 mln in 2Q.
In the first half of 2011 Rosbank’s credit portfolio dropped 6.3% to €6.35 bln, that of Bank Societe Generale Vostok fell 9% to €2.34 bln and DeltaCredit’s credit portfolio rose 3.4% to €1.27 bln.
In January-June 2011 deposits at Rosbank declined 8.9% to €6.45 bln, fell 2% to €1.64 bln at BSGV and doubled to €26 mln at DeltaCredit.
In late June 2011 Rosbank finalized the legal takeover of BSGV. Assets held by the merged bank, taking into account the subsidiaries, according to the preliminary data, totaled around Rub 1 tln under RAS (around Rub 700 bln under IFRS) as of early July. Societe Generale’s equity stake in the merged Rosbank was estimated at 81.5%.
