NOMOS-BANK IFRS net profit up 94% y/y in H1

The net profit of NOMOS-Bank soared 94.4% y/y to RUB 2.8bn in H1, calculated under International Financial Reporting Standards (IFRS), the bank’s press office reported. Banks assets grew by 17.2% ytd to RUB 233.2bn as of end-June. The growth in assets can be contributed to increase in lending by 29% ytd to RUB 170.5bn. At this, bank’s corporate loan portfolio rose 26.7% to RUB 156.2bn, while its private lending portfolio went up 60.5% y/y to RUB 14.2bn. The bank’s net interest margin rose 88.2% y/y to RUB 5.61bn. Shareholders’ equity increased 30.2% to RUB 33.9bn, mainly due to an additional share issue in June worth 4.7bn rubles. To remind you, Nomos Bank increased its net profit under IFRS by 59% y/y to RUB 3.44bn (USD 144.9mn) in 2007. Bank’s assets as of Dec 31 2007 went up by 81.7% y/y to RUB 199bn, shareholders’ equity went up by 59% y/y to RUB 24.5bn and loan portfolio expanded by 79.4% y/y to RUB 132.2bn last year. Nomos Bank is one of the top 30 domestic banks in terms of assets.