Gazprombank posts FY 2010 net profit of 66.3 billion roubles

Gazprombank posts FY 2010 net profit of 66.3 billion roubles under IFRS
Russian bank, Gazprombank, has posted a FY 2010 net profit of 66.3 billion roubles under IFRS.

The net result is up 12.8% from the FY 2009 net profit of 58.8 billion roubles, with corporate loans increasing 36.6% year on year to 988.2 billion roubles as corporate deposits rose 33.3% year on year to 947 billion roubles, and retail loans increasing 17.9% year on year to 95.8 billion roubles as retail deposits rose 39.8% year on year to 238.4 billion roubles.

Gazprombank noted that non performing loans fell from 3.9% of the total loan portfolio at the end of 2009, to 2.1% at the end of 2010, as loan provisioning fell by 93.6% from 25.9 billion roubles at the end of 2009 to 1.7 billion roubles at the end of 2010.It added that lending and fee income remained steady at 40.1 billion roubles reflecting falling domestic interest rates in 2010.

Gazprombank added that the disposal of non core assets over the course of 2010, including stakes in Sibneftegas and Sibur, would mean stronger growth in its core banking business in 2011.