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TransCreditBank boosts 1H 2011 net profit to 3.1 billion roubles on lending

TransCreditBank boosts 1H 2011 net profit to 3.1 billion roubles on lending
TransCreditBank, Russian transport and railway Bank, has posted 1H 2011 net profit of 3.1 billion roubles under IFRS.

The bottom line was up almost 11.6% year on year, with net interest income growing 36.9% to 9 billion roubles from 6.6 billion roubles in 1H 2010, with assets increasing 9.2% year on year to 426.9 billion roubles.

The gross loan portfolio increased 37.6% year on year to reach

426.9 billion roubles, which was coupled with its quality improving during the reporting period with the NPL ratio falling to 2.9% of gross loans from 3.6% a year earlier.

The bank said growing income from its core activities – with net interest income and net fee and commission income up 34.6% year on year in 1H 2011 – underpinned the results with TransCreditBank Vice President Oleg Panarin pointing to the rebound in lending.

“Highlights of the second quarter 2011 include a rapid growth of loan portfolio and core income. The Bank achieved a double-digit growth of its loan book, with corporate portfolio increasing by 24% and retail portfolio by 12% in the quarter.”