NOMOS-BANK’s profit for Q 1-3 months of 2009 is 3.9 milliard Roubles

According to non-audited IFRS interim financial data for the first nine months of 2009, NOMOS-BANK’s profit in Q 1—3 2009 was 3.9 milliard Roubles. This is a 4.5% increase in comparison with the same period of 2008. Net interest income before provisions rose by 55.3% to 13.63 milliard Roubles during the same period. Operating income increased by over 12.7% to 10.4 milliard Roubles.

Profit increase was achieved despite the Bank’s conservative provision-related policy. Expenses on provisions reached 9.88 milliard Roubles in Q 1—3 2009. Total provisions volume attained 20.49 milliard Roubles, which allowed maintaining high provision coverage of unserviced debt (181% in Q 1—3 2009, and 332% in the preceding year).

The Bank’s assets during 9 months decreased by 9.3% to 252.07 milliard Roubles, which was in line with the general market trends at that time.

During the crisis, NOMOS-BANK significantly improved its operating efficiency. Cost/income ratio went down from 35.9% (2008 YE) to 22.4% (as of 30 September 2009). While receiving higher operating income, the Bank kept its expenses almost unchanged (4.54 milliard Roubles for Q 1—3 2009 against 4.28 milliard Roubles in Q 1—3 2008), despite the double expansion of its regional network.
The Bank’s capital in Q 1—3 2009 increased by 12.2% — to 36.39 milliard Roubles.