Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Promsvyazbank Net Down

Promsvyazbank on Wednesday cut its full-year net profit forecast by more than a third, the first bank to signal a slowdown after Russia's economy grew less than expected in the second quarter.

The bank kept its full-year loan book expansion forecast at 15 percent but said it cut 2011 net profit outlook to 5 billion rubles ($173 million) from 8 billion. "We were a little more optimistic on Russian economy prospects at the beginning of the year, betting … on an increase in demand for corporate lending," first vice president Alexandra Volchenko told reporters.

Promsvyazbank's first-half net profit doubled from a year ago to 1.2 billion rubles on increased lending and commission fees. The lender's bottom line was boosted by a 27 percent year-on-year increase in net fee and commission income to 3.5 billion rubles, as well as a 4 percent rise in overall loan portfolio.


… 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.

paiment methods
Not ready to support today?
Remind me later.

Read more