Bank of Moscow swings 5.1 bln rubles RAS net profit in 2011

Interfax: Russia & CIS Business and Financial Newswire

Bank of Moscow (RTS: MMBM) had net profit of 5.107 billion rubles to Russian Accounting Standards (RAS) in 2011, compared with losses of 50.125 billion rubles in 2010, the bank said in a report.

Mikhail Kuzovlev, the bank’s CEO, had said he expected 5.7 billion rubles profit.

Pretax profit was 8.182 billion rubles last year, compared with 48.263 billion rubles loss in 2010, the report said.

The bank plans to pay dividends for 2011. The annual shareholders meeting will decide on the amount.

The bank said interest income fell 21.1% last year to 59.8 billion rubles and net interest income 30.1% to 27.7 billion rubles.

Net interest income after loan-loss provisions was 25.8 billion rubles, compared with negative 39.4 billion rubles.

Provision charges totaled 2.1 billion rubles last year, down from 79.3 billion rubles in 2010.

Past-due debt rose more than 6-fold to 169.9 billion rubles.

Net income from forex trading rose 3.6-fold to 5.2 billion rubles.

Net income from securities trading, including interest, fell to 11.4 billion rubles last year, from 15.1 billion rubles in 2010.

Operating costs rose 44.9% last year to 26.972 billion rubles.

Assets grew 43.7% to 1.209 trillion rubles.

Net loan debt rose 19.8% to 710.7 billion rubles.

Investments in subsidiaries and affiliates fell to 3.6 billion rubles from 6.8 billion rubles.

Client deposits excluding by banks rose 31.6% to 778.2 billion rubles.

Personal deposits fell 6.6% to 156.9 billion rubles.

Equity nearly tripled last year to 162 billion rubles.

VTB (RTS: VTBR) owns 94.84% of Bank of Moscow, which is Russia’s sixth largest bank by assets, according to the Interfax-100 ranking.

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