Alfa Bank, Russia's largest private bank, reports net profits of US $38 million in first half of 2001 on strong growth
10 Oct 2001
On the basis of the Bank's IAS audited accounts, total assets at 30 June were US $2.1 billion, compared to US$ 1.9 billion at the end of 2000, and shareholders' equity rose to US $188 million.
Loans to customers and deposits at 30 June exceeded US $1 billion.
Net interest income after provision for loss on loans was US $25 million, up from US $5 million for the first six months of 2000. Net fee and commission income rose to US $36 million for the first six months, up from US $19 million over the same period last year.
"These excellent half year figures underline strong growth in our core banking business," says Alfa Bank's CEO Alex Knaster. "The improvement in positive interest margin is particularly encouraging." Alfa Bank made net profits of US $77 million in 2000. The Bank is active in investment banking, commercial banking, asset management and insurance. It has more than 70 branches in Russia and subsidiaries in Ukraine, Kazakhstan, London, Amsterdam, and New York. It has the highest credit ratings of any privately owned Russian financial institution - B3 by Moody's, CCC+ by Standard and Poor's and B- by Fitch.
Alfa Bank's accounts are prepared in accordance with International Accounting Standards (IAS) and have been audited by PriceWaterHouseCoopers since 1993.
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