MOSCOW, January 13 (RIA Novosti) - The net profit of Gazprombank, a subsidiary of Russian energy giant Gazprom, was up 34% year-on-year to $460 million in 2005 under Russian Accounting Standards, the bank said Friday.
Gazprombank, Russia's third largest bank, had assets worth $18.8 billion as of January 1 2006, up 28% year-on-year.
The bank said the growth in assets was due to a $650 million syndicated loan received by the bank, a $1 billion Eurobond issue, and increased account balances of the bank's clients.
"The funds received were used for credit to corporate clients and individuals, to increase the volume of interbank credit, to increase balances of Nostro accounts [accounts held by the bank with foreign banks], and to buy securities," the bank said.
