"The high profit generated by the bank in the first nine months of 2006 can be attributed to high-tech projects, which we launched in previous years and which have started to yield results, and also to the development of new business areas," the bank said in a statement.
Svyaz-bank's net assets totaled 37.3 billion rubles (about $1.38 billion) as of October 1, 2006, an increase of 17% on the beginning of the year, the bank said.
Svyaz-bank, which is on a list of the country's top 30 banks published by the Central Bank, said funds on client accounts (including outstanding debt obligations) increased 25.5% in the reporting period, to 31.6 billion rubles (about $1.17 billion) as of October 1, 2006, and its loan portfolio totaled 20.3 billion rubles (about $752 million), an increase of 39.8%.
