MOSCOW, April 14 (RIA Novosti) - Petrocommerce Bank's net profit in 2005 grew by 232% year-on-year to reach 3.12 billion rubles ($113 million), the bank said Friday.
The high figure was due to an increase in interest revenue on loans granted to non-credit organizations, and net earnings from securities operations, the bank said.
The bank's assets as of January 1, 2006 were 50.3% up year-on-year, totaling 122.4 bln rubles ($4.4 bln).
"The growth in asset value was due to an increase of funds on current and deposit accounts of counterparty banks, and to the inclusion of cash in the credit portfolio, and the securities trading portfolio," the statement said.
Petrocommerce is on the Central Bank's list of the thirty largest Russian banks. Its main shareholder is Kapital Insurance (47%). As of January 1, 2006, the bank's equity capital was 10.5 billion rubles ($380 million).
