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Bank Vozrozhdenie Quarterly Earnings Increase 72% on Loan Growth

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Aug. 22 (Bloomberg) -- Bank Vozrozhdenie said net income advanced 72 percent for the second quarter compared with a year earlier as the Russian lender reported an increase in loans to small- and medium-sized enterprises.

Profit under International Financial Reporting Standards rose to 678 million rubles ($21 million) from 395 million rubles a year earlier, according to a statement today on the Moscow-based company’s website. Net interest income, the difference between what a bank earns from lending and what it pays on deposits, gained 22 percent on “enhanced business activity.”

“After subdued activity in the beginning of the year, lending gained momentum, and we’ve managed to increase loan portfolio in the most attractive segment for us - small and medium enterprises,” Tatiana Gavrilkina, deputy chairman of the management board, said in the statement.

Non-performing loans declined to 8.1 percent of the bank’s lending portfolio by the end of June compared with 8.7 percent for the first quarter.

The shares rallied 2.9 percent to 612.1 rubles by 12:33 p.m. in Moscow, poised for their biggest gain in a week.

To contact the reporter on this story: Jason Corcoran in Moscow at jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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