URSA Bank’s net profit comes to $90m in January-September 2007

12 October 2007 (14:04)

URSA Bank’s pro forma assets (based on the IAS) rose by 1.6 times in January-September 2007 and exceeded $6.8bn; its equity capital went up by 1.9 times and reached $1.058bn, URSA Bank’s press officer reports.

The Bank’s profit amounted to $90m in the nine months of 2007, which is 3.1 times better than a year earlier. The bank’s loan portfolio came to $5.1bn, which is thrice the number recorded on October 1, 2006. Remarkably, the portfolio increased by $1.3bn in the third quarter of 2007 alone. At the same time, the share of bad debts with payments delayed for more than ninety days has decreased by .4% since the beginning of the year, while the bank’s reserves can make up for the existing bad debt by 113%.

URSA Bank managed to attract $1.9bn from its customers in January-September 2007, with more than $.3bn received in the third quarter of the year.

The profitability of URSA Bank’s assets, capital, and net interest margin has remained considerably higher than the market average as usual, whereas the cost to income ratio tends to go down and the capital adequacy is kept at a satisfactory level.

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