BIN Bank's Consolidated Financial Statements for the three month period

We are glad to present you our IAS Consolidated Financial Statements for the three month period ended 31 March 2008. Notwithstanding the latest news regarding ownership structure the financial results proved to be unaffected and confirmed good trend of 2007 year end. We believe that these results have turned to be another evidence of the Bank’s stability despite any external or internal stresses. Among positive trends we can note the growth of assets (RUR 65,9 bln. against RUR 64,3 bln. as of the end of 2007), equity (RUR 8,7 bln. against RUR 8,4 bln. as of the end of 2007) and loan portfolio (RUR 42,2 bln. against RUR 38,7 bln. as of the end of 2007). Our income statement reflects the 4-fold surge of the net profit from RUR 71,9 mln. as of Q1’07 up to RUR 285,3 mln. in Q1’08. Such growth is related to increase in interest and non-interest income. The Bank’s expanded branch network remains the main income generator. In the near future we expect further expansion of the Bank’s business and significant increase in the share capital by $100 mln. in a form of 10-year subordinated loan from the major shareholder in Q2’2008.

For Consolidated Financial Statements Q1’2008, please click here

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