MOSCOW, February 21 (RIA Novosti) - Russia's largest privately owned bank, Alfa Bank, said Tuesday its net profit calculated in accordance with the International Financial Reporting Standards (IFRS) had increased by 11.3% in 2005, year-on-year, to $170 million.
Alfa Bank Chairman Mikhail Fridman said the bank's assets had aggregated $9.84 billion as of January 1, 2006 compared with $7.02 billion a year earlier. The bank's shareholders' equity increased from $707.5 million to $870 million in the reporting period. Alfa Bank's loan portfolio expanded to $5.97 billion compared with $4.1 billion as of January 1, 2005.
Fridman said the retail business continued to be the bank's most promising area of development. Late last year Alfa Bank endorsed a program to expand its retail business in 2006-2007 stipulating more than $125 million in investment.
At the same time, Alfa Bank said it planned to borrow within reasonable limits - no more than $1 billion - in 2006.
