Net loss MDM-Bank under IFRS for 1 half of 2009 amounted to 4.3 billion rubles, the report said the bank.
MDM-Bank has published its financial results under international financial reporting standards (IFRS) for the first half of 2009. Are the first results under IFRS for the consolidated bank. Indicator Tier I Capital was 15%. The level of overall capital adequacy as at 1 July 2009 amounted to 17,3%.
Operating income before the creation of bank reserves at an annual rate exceeding 40% of the equity, said in a press release of the bank.
In the second quarter of 2009 based on the current economic and credit situation, the Bank made additional accruals of $ 5 billion rubles. Doubtful debt reserves has been a major factor influencing the financial result in the I half of 2009.
bank liquidity is more than 25% in the presence of unused credit line of the Central Bank of approximately 80 billion rubles in the first half of 2009 the volume of debt of MDM Bank, the redemption of bonds and the return of funding of the Central Bank amounted to about 100 billion rubles.
Total assets for the period increased by 26% mainly due to merger of MDM Bank and VTB Bank. Nevertheless, based on the calculation of assets for the same period decreased by 22%, partly as a result of decreasing loan portfolio, which was caused by conservative policies of the Bank Capital management.
In the near future the bank will be closed the transaction to raise a syndicated loan with oversubscription of approximately $ 300 million.
retail deposits in the first half of 2009 rose by 22% year over year. The volume of fixed-term retail deposits increased by 12,6%, from 58 903 million rubles to 66 337 million rubles.
Operating income before provisions for the reporting period increased by 16,7%, to 11 141 million rubles compared to the same period last year.
bank's net interest income increased by 8,7% to 8170 million compared with 7516 million rubles in the first half of 2008. Net interest margin was 8,8%, an increase of 2.3 percentage points (first half of 2008: 6,5%).
Net commission income increased by 16,5% to 1,263 million rubles, compared with the same period last year (first half 2008: 1084 million).
MDM Bank Operating expenses decreased by 12.9% over the same period last year and amounted to 4196 million (first half 2008: 4817 million) due to reduction in staff costs and other measures to optimize costs.
Losses from impairment of loans were the main factor affecting the results of the Bank in the first half of 2009. In the period under review, the bank has established reserves for loan losses of $ 11 548 million rubles (an increase of 8.4 times compared to 1380 million rubles in the first half of 2008).
for doubtful debts to total loans amounted to 14,2%. It MDM Bank reserves for doubtful debt reserves in the first half of 2009 at 100%, stated in a press release the bank. Energy, World Stock Market, Currency, Weather ...
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