MOSCOW, January 21 (RIA Novosti) - The Moscow Bank for Reconstruction and Development said on Wednesday its net profit calculated to Russian Accounting Standards declined 75% in 2008 year-on-year to 535.3 million rubles ($16 million).
The bank, among the top 30 Russian banks, said net profit was 6 million rubles ($179,600) in the first quarter of last year, 175.6 million rubles ($5.3 million) in the second, 316.7 million rubles ($9.5 million) in the third and 37 million rubles ($1.1 million) in the fourth.
The sharp plunge in net profit in the fourth quarter against the third was due to the global financial crisis.
MBRD provides a wide range of banking services to its majority shareholder, financial-industrial group AFK Sistema [RTS ticker: AFKS, LSE: SSA], and its partners.
