Zapsibcombank’s net profit drops 41.1%

8 October 2010 (09:53)

The net profit of OAO Zapsibcombank went down by 27.89 million RUR, or 41.1% in the third quarter of 2010, that is, from 67.891 million RUR in the second quarter of the year down to 40.001 million RUR in the third quarter.

‘The 41.1% decrease in Zapsibcombank’s net profits between the second and the third quarters of 2010 resulted from the changes in the tax legislation that came into effect recently; namely, these changes involve a lower limit on the debt interest that can be accounted for in tax relief procedures. This means the bank had to pay more taxes in the third quarter of the year,’ the bank’s official statement explains.

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