Bank Severnaya Kazna publishes report locally

10 August 2009 (07:42)

Following the law on the banks and banking activity, Bank Severnaya Kazna (now the asset of Alfa-Bank) published its semiannual report in Khimmash-Gazeta, a newspaper with the circulation of 10,000 copies that is distributed only in Yekaterinburg’s Khimmash district.

It is not entirely improbable that this extravagant choice of a paper was brought about by the bank’s actual performance in the first half of 2009. In late 2008, Bank Severnaya Kazna had to undergo a financial recovery procedure after a major cash outflow. Since the beginning of 2009, the bank has been in the management of Alfa-Bank.

The new owner’s actions have led to Bank Severnaya Kazna closing the first half of 2009 with 3.9 billion RUR worth of losses (compared with 314.78 million RUR worth of profits a year earlier). What is more, the bank’s assets halved and now come to only 21.5 billion RUR. Then, its own funds decreased by 8.8 billion RUR, the report says.

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