Sviaz-bank posts 9M 2010 net profit of 2.030 billion roubles

Sviaz-bank has posted a 9M 2010 net profit of 2.030 billion roubles under IFRS

­The net result compares with a 9M 2009 net loss of 65.3 billion roubles, with a 3Q 2010 net income of 844 million roubles.

Sviaz bank’s credit portfolio increased by 30% from the start of 2010 to 98.8 billion roubles with totoal loan provisions at the end of September of 25.54 billion roubles.  The bank’s securities portfolio increased 32.1% to 38.2 billion roubles, with corporate and retail deposits up 49.3% to 74.2 billion roubles.Bank attributed the result to growing income from banking operations on the back of increase of corporate and retail deposits.