Net profit of Severnaya Kazna goes down 48.48%

Severnaya Kazna published an obligatory report on important news that could affect a company’s stock price on May 24, 2007. The report states the bank’s net profit amounted to 449,785,000 RUR in 2005 and to 231,710,000 RUR in 2006; this means it went down by 48.48%, or 218,075,000 RUR. The bank says it was due to less favorable market opportunities, expenses occasioned by expanding their retail services and setting up more subsidiaries, and new accounting standards related to deposit interests.


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