Nomos Bank posts FY 2010 net profit of 10.445 billion roubles

Russia’s Nomos Bank has posted a FY 2010 net profit of 10.445 billion roubles under IFRS.

The net result is up from the 4.261 billion rouble net profit posted for FY 2009, with net interest income rising 87% year on year to 10.213 billion roubles, its credit portfolio increasing 97% year on year to 354.86 billion roubles, and deposits up 130% year on year to 313.4 billion roubles.The bank said the results reflected its takeover of the Bank of Khanty-Mansiysk in December, coupled with organic growth.The lending growth reflected increased corporate and small and medium business lending with Nomos bank also noting that provisioning had declined from 9.5% at the end of 2009 to 4.4% as NPLs fell from 6.2% to 2.4%.