PSB releases Investor Bulletin based on the key financial figures for Q1 2010

According to management accounts* for Q1 2010, at the end of Q1 2010 PSB total assets remained at 2009 year-end levels and totaled RUB 471 bn, gross loans rose by 2.3% to RUB 312 bn and customer deposits stood almost flat at RUB 287 bn level. Net profit in Q1 2010 amounted to RUB 48 mln. Total capital adequacy ratio grew to 14.7%, and tier 1 ratio was 11% as at 1 April 2010.

The key financial indicators are as follows:

• The share of liquid assets decreased from 33% to 28% as at 1 April 2010 as a result of undertaken measures on liquidity cushion reduction;
• Loans to corporate customers (before impairment allowance) increased by approximately 4% in Q1 2010;
• Non-performing loans grew at a significantly slower rate in Q1 2010, NPL level reached 13% of gross loans as at 1 April 2010 (YE 2009: 12.3%);
• PSB continues to adhere to the policy of maintaining its NPL coverage ratio at the level of at least 100%, effective provision rate as at 1 April 2010 was 13.4%;
• Net interest income for Q1 2010 amounted to RUB 6 bn, net fee and commission income – RUB 1.3 bn.

In more detail Q1 2010 financial results are discussed in July 2010 issue of PSB Investor Bulletin available on the Bank’s website at http://eng.psbank.ru/292/411/

* Management accounts are based mainly on IFRS principles

About Promsvyazbank

OJSC Promsvyazbank, founded in 1995, is one of the leading privately-owned Russian banks, with total assets of RUB 471.2 bn, and total capital of RUB 53.4 bn under IFRS as of 1 April 2010. Holding company Promsvyaz Capital B. V. owns 72.93% of the Bank, Commerzbank Auslandsbanken Holding AG, a subsidiary of the second-largest German bank Commerzbank AG, has a 15.32% stake, and the European Bank for Reconstruction and Development owns the remaining 11.75%. PSB has the following international credit ratings: “Ba2” from Moody’s Investors Service and“B+” from Fitch Ratings. As at 1 July 2010, PSB had a network of about 250 points of sale in Russia (after the accession of two banks), including 48 branches, a foreign branch in Cyprus, and representative offices in China, India and Ukraine. Upon completion of accession to OJSC Promsvyazbank of OJSC Volgoprombank and OJSC Nizhny Novgorod in May 2010, the Promsvyazbank Banking Group comprises OJSC Promsvyazbank itself as the parent credit institution and OJSC Yarsotsbank. http://eng.psbank.ru/