Intercommerz sees balance sheet profit shoot up 101% in Q1

Based on the financial statement released on April 1, 2008, Intercommerz achieved a 101% y-o-y upsurge in its balance sheet profit in the first quarter of 2008. As the lending institution’s press service pointed out, profit spiked on the back of growth in the lender’s interest earned and enhanced efficiency of funds management. This enabled the bank to nearly double net interest income before the formation of reserves.

According to the data from news agency Banki.ru and Interfax-CEA, net assets of Intercommerz equal Rub 6.15 bln (231st place in Russia). Intercommerz is a member of the national deposit insurance system. The bank’s previous corporate name (until 2006) was Commercial Innovative Bank Aist.