Bank Severnaya Kazna’s assets go down 14.3%

16 January 2009 (07:50)

The value of Bank Severnaya Kazna’s (now the asset of Alfa Bank) assets has gone down by 14.3%. The bank itself was acquired by Alfa Bank in December 2008.

The bank’s assets were estimated at 50,065,192,000 RUR on December 1, 2008 and at 50,922,245,000 RUR on October 1, 2008. This means the figure dropped by 6,427,357,000 RUR, or 12.8% in absolute figures and by 7,284,410,000 RUR, or 14.3% percentage-wise.

The bank reports the decrease in the asset value has been brought about by the shrinking lending portfolio and selling their securities.

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