Russia's Vozrozhdenie Bank posts 250% net profit growth in 2008

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MOSCOW, February 2 (RIA Novosti) - Vozrozhdenie Bank, one of Rusisa's top 30 banks, said on Monday its net profit under Russian Accounting Standards increased by an estimated 250%, year-on-year, in 2008 to 2.9 billion rubles ($80.5 million).

The bank's assets before making provisions for depreciation increased more than 27% to over 145.9 billion rubles ($4.1 billion) and shareholder equity grew 30.3% to 18.9 billion rubles ($525 million) in the reporting period, the bank said.

"The conservative approach to business and partnership relationships with clients have made it possible even in the most difficult times to keep clients' confidence and ensure an acceptable quality of assets," Vozrozhdenie said in a statement.

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