Alfa Bank, Russia’s largest privately owned
banking group, has reported a first half net profit of $296m
compared to just $6m in the first half last year.
Provisions for loan impairments more than
halved to $168m from £395m in the year ago period.
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Alfa’s net interest income increased
by 12.1% to $640m, mainly as a result
of significantly lower interest expenses.
Loans to customers inched up by 2% to$13.7bn
but customer deposits fell, by 5.1% to $12.9bn.
Total assets rose by 4.3% year-on-year to
$22.6bn.
Alfa ended the first half with 4.1m retail
customers, while its branch network has grown to 326 offices,
up from around 200 two years ago.
