Gazprombank’s net profit drops 81%

The net profit of OAO Gazprombank plunged by 81% in the year 2009 compared with the year 2008, that is, from 17.56 billion RUR down to 3.34 billion RUR.

The bank explains these losses had to do with increased profit tax payments and greater foreign currency transaction expenses. In the latter case, the expenses partially grew because the bank’s foreign currency assets depreciated due to the growing ruble exchange rate. Finally, the bank made a smaller one-time dividend profit on daughter enterprises investments.

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