Promsvyazbank’s net loss soars 316%

The net loss of Promsvyazbank skyrocketed by 1,347,043 RUR, or 316% in 2009, that is, from 426,277 RUR at the end of 2008 to 1,773,320 RUR in December 2009.

In fact, the loss figures reached 3,236,619 RUR in the third quarter of 2009, whereas in the fourth quarter, Promsvyazbank had 78,644 RUR worth of profits.

The bank explains the increase in net loss has to do with the need to create possible loss reserves, which is rather costly.

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