MOSCOW, April 2 (RIA Novosti) - Uralsib Bank [RTS: USBN] said on Wednesday its net profit calculated to International Financial Reporting Standards declined 50%, year on year, in 2007 to 2.6 billion rubles ($108 million).
"Net profit decline resulted from net losses in the first half of last year due to a revaluation of our securities portfolio and a related increase in taxes. Profit in the second half of the year compensated for these losses and ensured the receipt of net profit for the year as a whole," Andrei Donskikh, the bank's chief executive, said.
Donskikh said the bank's assets in the reporting period grew by about 25% to 360 billion rubles ($15 billion).
