Based on the audited financial results for 2004, Alfa Bank group, which embodies Alfa Bank, subsidiary banks and financial companies, generated a net profit of $153mn, up 45 per cent from $106mn in 2003.

According to Rushan Khvesyuk, Alfa Bank’s Chairman of the Executive Board, in spite of certain difficulties faced by Russian banks in 2004, the Bank managed to improve its performance results noticeably and grow its customer base both in financial and quantitative terms. So, the volume of funds raised from individuals in 2004 was nearly 1.4 bn US dollars, compared to 1.3 bn US dollars in 2003. The number of Alfa Bank’s individual customers increased by 22% in 2004, from 900,000 at the end of 2003 to 1.1 mln in 2004.

Assets rose 19 per cent to $7.025bn in 2004 from $5.884bn in 2003. Equity rose to $708mn in 2004 from $547mn in 2003.

The inflow of corporate and individual funds increased to $5.198bn in 2004 from $4.792bn in 2003.

Credit portfolio rose to $4.671bn in 2004 from $3.598bn in 2003.

The Bank’s ISA figures have been audited by PriceWaterhouseCoopers.