Spurt Bank posts 3.3% drop in 2M09 net profit to Rub 11.9 mln

PRIME-TASS. Spurt Bank (Kazan, the Republic of Tatarstan) reported a 3.3% y-o-y decrease in net profit to Rub 11.9 mln in the first two months of 2009, while pre-tax profit grew 2.2% to Rub 18.8 mln, the lending institution told the news agency Monday. Meanwhile, the lender’s net profit fell because of higher advances paid for the corporate profit tax.

As for other indicators, assets jumped from Rub 10.24 bln as of January 1, 2009 to Rub 13.84 bln as of March 1, 2009, equity rose from Rub 2.17 bln to Rub 2.35 bln, credit investments increased from Rub 7.89 bln to Rub 8.57 bln, funds attracted rose from Rub 8.69 bln to Rub 8.88 bln, including private deposits that grew from Rub 1.49 bln to Rub 1.57 bln.

Spurt Bank is a Top 5 lending institution in the Republic of Tatarstan. The lending institution’s charter capital is equal to Rub 1 bln. The bank’s major shareholders are EBRD (28.25%), management (40%), Nizhnekamskneftekhim (14%) and Nizhnekamskneftekhim’s executives (10%).