TransCreditBank Group Produced its 2008 IFRS Accounts

Consolidated IFRS statements audited by Ernst & Young Vneshaudit point to rapid growth of the Group’s key financial indicators.

Based on 2008 performance:

- consolidated assets of TransCreditBank Group increased from RUR142.0 mln to RUR244.4 mln (US$8.3 bn) or 1.7 times;

- the Group generated RUR3.5 bn (US$120 mln) of net profits, 30% up from 2007 (RUR2.7 bn);

- shareholders’ equity grew to RUR16.3 bn (US$555 mln) from RUR8.7 bn, registering a 1.9 times y-o-y increase;

- capital adequacy ratio stepped up to 12.7 % (11.3% based on 2007 performance).

The loan book increased 1.6 times reaching RUR140.6 bn (US$4.8 bn) as of January 1, 2009.  The Group significantly expanded its resource base.  Thus, funding raised from clients amounted to RUR131.9 bn (US$4.5 bn), 86% up from 2007 (RUR71.0 bn).

President of TransCreditBank Pushkin: “In 2008 TransCreditBank proceeded with implementation of its medium-term Development Strategy with a view of joining the league of largest Russian banks by 2011.  In spite of economic downturn and lack-lustre performance of the financial sector prevailing at the end of last year, the Bank made a major step in this direction by significantly improving its financial performance indicators, fully performing clients’ transactions in a timely manner, successfully implementing key development programs and maintaining the required capital and liquidity levels”

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