PRIME-TASS. In the first three months of 2009 Intechbank’s net profit totaled Rub 4.48 mln vs. Rub 12.78 mln in a year-earlier period, the lending institution said in a statement.
The lending institution’s first-quarter net profit sank 87.02% (Rub 30.08 mln) q-o-q due to an increase in advances paid for the corporate profit tax, which is driven by the imbalance of the tax calculation base (the bank generates most earnings in Q3), a contraction in net interest income, adjustments and an increment in reserves for possible losses.
