HCFB Profits Jump in 2010

By The Moscow Times

March 2, 2011

Home Credit and Finance Bank posted near-doubled profits Wednesday, underscoring its potential appeal to a buyer as the sector consolidates.

The bank, majority-owned by the Czech group PPF, posted 9.4 billion rubles ($329.9 million) in net profit for 2010, up from 5.2 billion rubles in 2009. It said it would pay out a record dividend of 13.2 billion rubles after its capital rose 23 percent to 33 billion rubles.

HCFB increased its loan portfolio by 27.7 percent to 75.3 billion rubles and cut its nonperforming loan ratio to 6.9 percent, down from 12.9 percent in 2009. The bank plans to start a roadshow next week for a eurobond issue worth between $300 million and $500 million, banking sources said Tuesday.

(Reuters)

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue