Source Pravda.Ru

Avtobank's net profits skyrocket

The Russian Avtobank's shareholders approved the bank's 2002 annual report. The bank's net profit amounted to RUR170.3m (about $5.51m), up by a factor of 6 against the year 2001. The bulk of the net profits will go to the reserve fund, Avtobank's Chairman Lyudmila Shabalkina told reporters. Meanwhile, the bank's assets dropped to RUR19.7bn (nearly $637.74m) due to repaying a stabilization credit to the Russian Central Bank. According to Shabalkina, Avtobank is currently holding talks on advanced repayment of the Central Bank's credit. The repayment may be done before the beginning of June 2003. The Chairman noted that in 2003 the bank intended to double its business activities. At present, 76 percent of the bank's stocks are owned by the financial corporation NIKoil, the Izvestia newspaper reported.

© &to=http://www.rbc.com' target=_blank>RBC

Comments
The Royal Wedding and the Silly Season
Attempts to blame Russia for MH17 disaster continue zealously
Ukraine's exit from Commonwealth of Independent States will affect common Ukrainians most
Kremlin on failed nuclear missile tests: 'Listen to President Putin and believe him!'
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea
Russian stock market, national currency collapse because of US sanctions
Russian stock market, national currency collapse because of US sanctions
Russians massively break traffic rules on Crimea Bridge
Putin’s spokesman: Total blockade of Russia impossible
Attempts to blame Russia for MH17 disaster continue zealously
Attempts to blame Russia for MH17 disaster continue zealously
Attempts to blame Russia for MH17 disaster continue zealously
Attempts to blame Russia for MH17 disaster continue zealously
Attempts to blame Russia for MH17 disaster continue zealously
Attempts to blame Russia for MH17 disaster continue zealously
Attempts to blame Russia for MH17 disaster continue zealously
Attempts to blame Russia for MH17 disaster continue zealously
Attempts to blame Russia for MH17 disaster continue zealously
Attempts to blame Russia for MH17 disaster continue zealously
Foreign Ministry official explains why Russia had to sell Alaska to US