MOSCOW, April 29 (RIA Novosti) - Gazprombank, one of Russia's top five banks, announced on Wednesday a net loss in 2008 of 60.1 billion rubles ($1.9 billion) under International Financial Reporting Standards.
In 2007, Gazprombank posted a net profit of 33.6 billion rubles ($1 billion).
"The main factors for the 2008 loss are the negative revaluation of the bank's forward foreign exchange transactions and unrealized losses from the revaluation of the securities portfolio," the bank said in a statement.
The Gazprombank management board has made a decision not to pay bonuses to board members for 2008, the bank's press office said.
