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Gazprombank posts 1Q 2009 Net Profit of 16.6 billion Roubles

Gazprombank posts 1Q 2009 Net Profit of 16.6 billion Roubles
Gazprombank, has posted a 1Q 2009 Net Profit of 16.6 billion Roubles under IFRS.

The 1Q Net result compares with a FY 2008 Net Loss of 68.2 billion Roubles, with the bank not publishing international standard results for 1Q 2008.

Over the quarter assets rose 11% to 2.054 trillion Roubles, with loans to corporate clients up 37% to 764 billion Roubles, while consumer loans fell 3% to 93.9 billion Roubles. Both corporate and individual deposits rose by 9% over the quarter to 583 billion Roubles and 144 billion Roubles respectively.

Over the quarter Gazprombank’s loan provisions increased from 3.6% to 4% despite the bank indicating that non performing loans were unchanged from a year earlier at 1.5%.

The company attributed the 1Q 2008 turnaround to the growth of its credit portfolio, and profits from its foreign currency and securities operations.