NOMOS-BANK reduces overdue debt by 16.8% in Q4 2009

Based on the figures for the fourth quarter of 2009, NOMOS-BANK has lowered the amount of loan arrears (according to Russian Accounting Standards) by 16.8% — to 15.2 milliard Roubles. The reduction in overdue receivables is a result of the Bank’s efforts to improve the quality of the credit portfolio. The share of overdue debt during the reporting period decreased from 11% to 9.2%.

The Bank’s assets in Q4 2009 increased by 13% — to 270.89 milliard Roubles. The credit portfolio remained stable having decreased by 0.8% — to 164.2 milliard Roubles.

In the fourth quarter of 2009, NOMOS-BANK was following a conservative policy with respect to provisions. In spite of a significant improvement of the quality of the Bank’s loan portfolio, provisions rose only by 0.8% — to 22.65 milliard Roubles, while the ratio of provisions to overdue debt rose from 123% to 149%.

The Bank’s profit in Q4 2009 reached 813.3 million Roubles.