Bank Association ramps up net profit by 20.6% to Rub 39.03 mln in 2008

PRIME-TASS. Net profit generated by Nizhny Novgorod-based Bank Association jumped 20.6% y-o-y to Rub 39.03 mln, the bank’s press service reported Thursday. The lender’s pre-tax profit climbed 22.9% to Rub 55.70 mln, grand total grew 13.4% to Rub 2.63 bln, equity capital leapt 21.3% to Rub 409.59 mln and the credit portfolio (excluding inter-bank loans) jumped 26.13% to Rub 2.24 bln (in 2008 the bank provided no inter-bank loans).

The lending institution’s press service pointed out that on December 30, 2008 the Central Bank of Russia registered a report on the bank’s issue of additional common shares via closed subscription, whereby the lender’s charter capital surged 14.3% to Rub 229.54 mln.