Following the 2007 results, Absolut Bank doubled its business scale over again

The year 2007 heralded another lap of the sizable growth of all the main activity indices for Absolut Bank. Corporate, retail and investment banking demonstrated dynamic growth. For the reporting period, the IFRS assets of the bank amounted to 130.4 bln. rubles, which is twice as much than a similar index in 2006.

Being an active player in the market of corporate finance, Absolut Bank almost doubled its loan portfolio for the enterprises and organizations. This index reached 66.4 bln. rubles by the end of the year. Loan portfolio for SMBs grew by 4.5 times up to 3.2 bln. rubles.

Loan portfolio for the private individuals rose to 27.2 bln. rubles in 2007, which is by 3 times higher than the results of the previous year. One of the strategic priorities in retail banking is mortgage lending, whose volumes tripled to 18.3 bln. rubles. Car loan portfolio was increased by 4 times to reach 6 bln. rubles. As a result of the clientele expansion, the retail share in the loan portfolio has increased from 20% to 29% last year, which matches the implementation plans of the bank development strategy to the full extent.

The bank diversified the liabilities base within a year, by having raised the funds of the corporate bodies and savings of the individuals. The volume of deposits from the corporate bodies made up 14.5 bln. rubles by the beginning of 2008. The amount of private deposits in the accounts of the bank reached 15 bln. rubles, which is over two times higher than the similar index as of the beginning of 2007.

Following the 2007 results and based on the preliminary data of the nonconsolidated international statements, the net profit of the bank rose to 801 mln. rubles. Sizable investments were made into the dynamic regional expansion. Absolut Bank opened 34 POS last year, as a result of which the total number of offices amounted to 72. The regional network expanded largely thanks to the new offices in Nizhny Novgorod, Novosibirsk, Kemerovo, Rostov, Lipetsk, Volgograd, Orenburg, Voronezh, Saratov regions and Altay, Krasnodar, Krasnoyarsk, Stavropol territories.

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