Investbank’s net profit drops due to decreased revenues

The net profit of AKB Investbank decreased by 40.182 million RUR in the last quarter of 2009. The bank made 34.392 million RUR worth of net profit in the third quarter but actually got 5.79 million RUR worth of net loss in the fourth quarter of the year.

The bank says the primary reason for the decrease in profits was the drop in revenues coming from foreign currency operations, including those related to foreign currency revaluation. Also, the bank had to increase the volume of its possible loss reserves.

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