According to the financial report and conclusion of CONVERSBANK independent auditors MOORE STEPHENS, CONVERSBANK assets, as of December 31, 2006, equalled R15.915 billion ($619m/E455m), up 38.4% from 2005, the bank’s press service has reported. Over the year, the bank’s liabilities rose by 45.3% to R13.431b ($522m/E384m), capital was up from R2.257b ($88m/E65m) to R2.484b ($97m/E71m). Full-year profit reached R224.008m ($9.0m/E6.0m). As of December 31, 2006, the bank’s capital adequacy, including risks computed under the 1988 Basle Agreement methodology (with subsequent amendments concerning market risks) equalled 27.13%, or 8.0% above the minimum recommendation by the Basle Agreement.
Source: WWW.NOVECON.RU, July 9, 2007
