Uralsib one of Russia’s largest
financial institutions, reported a consolidated profit of RUB 2.2bn
(€60m) for 2007, down almost 50 per cent on its profit figure of
RUB 4.2bn (€114m) in 2006, due to losses in its broker and exchange
business of RUB 1.8bn (€50m) for 2007.
Nevertheless, Uralsib, which was created by the merger of Uralsib
bank with Nikoil Finance in 1998, made RUB 623m (€17m) rubles in
its leasing division alone.
An Uralsib spokesperson said the bank’s overall loss was the result
of it selling securities in a falling market, and as a result its
portfolio has been significantly reduced. However, Metropol analyst
predicts that 2008 should bring an additional RUB 8bn (€0.22bn) for
the bank.
financial institutions, reported a consolidated profit of RUB 2.2bn
(€60m) for 2007, down almost 50 per cent on its profit figure of
RUB 4.2bn (€114m) in 2006, due to losses in its broker and exchange
business of RUB 1.8bn (€50m) for 2007.
Nevertheless, Uralsib, which was created by the merger of Uralsib
bank with Nikoil Finance in 1998, made RUB 623m (€17m) rubles in
its leasing division alone.
An Uralsib spokesperson said the bank’s overall loss was the result
of it selling securities in a falling market, and as a result its
portfolio has been significantly reduced. However, Metropol analyst
predicts that 2008 should bring an additional RUB 8bn (€0.22bn) for
the bank.
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