URSA Bank’s net profit exceeds $66m in January-March 2008

According to URSA Bank’s unaudited financial statement (drawn up in compliance with the Russian accounting standards), the bank’s assets reached $7.5bn in January-March 2008, which is 1.5 times better than a year earlier. The bank’s own funds doubled over the year and amounted to $1.29bn.

At the same time, URSA Bank’s profit came to $66.3m in the first quarter of 2008, which exceeds the figures for a year earlier by 2.7 times.

The bank’s net loan portfolio reached $5.8bn on April 1, 2008, which was 1.6 times better than on April 1, 2007. Bad debt (with payments delayed for over ninety days) only made up 3.7% of the bank’s loan portfolio, whereas URSA Bank’s reserves fully cover the possible bad debt losses.

URSA Bank was able to attract $2.4bn worth of customer investments; this exceeds the figures for a year earlier by 1.5 times. Over $130m were placed with the bank in the first quarter of 2008 alone.

During the first three months of the year, URSA Bank kept on both expanding its loan and deposit portfolios and improving on its business efficiency. As a result, the expenses/operating profit ratio has dropped from 45/100 to 36.9/100 since the beginning of the year, which means the bank really manages to use its resources more economically and shows good profit growth dynamics.

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