Net income of IBSP Bank (International Bank of St. Petersburg) increased 2,6 times as at August 1, 2014 compared with the same period of last year and amounted to RUB 338,5 mln (as at August 1, 2013 net income amounted to RUB 129,9 mln).
As at August 1, 2014 gross profit increased more than 2 times compared with the same period of 2013 and amounted to RUB 408,2 mln.
The President of IBSP Bank Sergey Bazhanov commented: “High net income as at August 1, 2014 is the result of work of the new management team. From the beginning of this year bank’s top-management, client and credit subdivisions as well as business support divisions were almost fully updated. IBSP Bank decreased the amount of assets with low level of profitability and thereby increased the efficiency of the capital and assets. That is why the increase of profit is admitted for the future”.