URSA Bank’s net profit to exceed $65m in January-March 2008

URSA Bank’s assets (calculated in accordance with the Russian Accounting Standards) came to $7.5bn, which is 1.5 times better than a year earlier. The bank’s own funds doubled and reached $1.29bn in the meantime.


URSA Bank’s profit amounted to $65.2m in the first quarter of 2008, which is 2.7 times better than in January-March 2007. The bank’s net loan portfolio reached $5.8bn in April 2008, which exceeds the figures for last April by 1.7 times. As for the bad debt, its share came to 4.1% of the total loan portfolio volume on April 1, 2008, while the bank’s reserves fully make up for the whole amount of bad debt.


URSA Bank was able to attract $2.4bn in terms of customer investments in January-March 2008; this is 1.5 times better than in the first quarter of 2007. Over $130m were attracted in the first quarter of 2008 alone.


According to the preliminary estimates, URSA Bank had $7,537,800,000 in terms of assets, $1.288bn in terms of own funds, $65.2m in terms of net profit, $5,820,500,000 in terms of net loan portfolio, and $2,428,200 in terms of customer investments in the first quarter of 2008. The bank’s return on equity came to 27.5%, its return on assets came to 3.8%, its net interest margin amounted to 9.6%, and its capital adequacy, operating profit expenses ratio, bad debt, and loan portfolio reserves reached 18.5%, 35.9%, 4.1%, and 4.1%, respectively.


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