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19.01.2010
Moscow, 19 January. According to Russian Accounting Standards, the Russian Regional Development Bank made a net profit of 381.5 million rubles at the end of 2009. This represents 14.5 million more than what was projected. The bank also outperformed other key parameters of its business plan. Many key performance indicators of the Bank are ahead of the banking market. RRDB return on equity (ROE) amounted to 15.7%, and its margin value was around 5.3%. Private and corporate deposits grew by almost 50%. The quality of the loan portfolio of legal entities and individuals matches the market level, while overdue debts of individuals amount to around 0.8 %. This figure is considerably better than the situation in the banking sector as a whole. Working with large corporate clients on an individual basis remains RRDB priority in 2010, including with its main shareholder, the oil company Rosneft, and other major counterparties. The individual client base will also continue to expand in 2010. Sergey Bogdanchikov, president of the oil company Rosneft, commented on the Bank results in 2009 and noted that as its main shareholder and largest partner, Rosneft wants to develop its cooperation with RRDB anticipating further improvement of services, quality and performance of this financial institution, which is a key subsidiary of the company. Sergey Bogdanchikov noted: "RRDB is a stable and reliable financial institution. Its strategy has not changed and is implemented on the basis of a conservative approach to asset expansion. The bank activities are undertaken in strict compliance with its business plan for 2010." |
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