Support The Moscow Times!

Vozrozhdenie Profit Down 36.7%

Vozrozhdenie, a mid-sized listed Russian bank, posted on Thursday a 36.7-percent decline in net profit for the first quarter of the year due to a rise in provisioning on bad loans.

Vozrozhdenie, one of a handful of listed Russian banks that are not owned by the state, said its net profit came to 333 million rubles ($10.6 million) for the first three months, compared to 526 million rubles a year earlier.

The bank was able to increase lending to its core clients — small and medium-sized enterprises — with the bank's loan book growing by 5 percent, year on year.

But non-performing loans increased to 10.3 percent at the end of the first-quarter, from 9 percent at end-2012, the bank said in a statement.

"If the prevailing macroeconomic conditions continue in the second half of the year, we can expect the credit quality of individual borrowers to worsen," the bank's deputy chairman, Tatyana Gavrilkina, was cited as saying in the statement.

(MT)

… 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

Read more