Russian Financial Control Monitor

IRKUTSK. The net profit of Irkutskenergo dropped 21.5% to RUR4.726bn ($143.8mn, or €108.4mn) in January-June 2013, the power producer said in its operation and financial statement calculated to Russian Accounting Standards. The company’s revenue in the reporting period totalled RUR36.073bn, down 3.1%, sales cost fell 3.9% to RUR27.474bn, and gross profit edged 0.2% down to RUR8.598bn.

MOSCOW. Although the growth of retail loans has slowed down, Russian banks which mostly operate in this sector continue increasing the growth pace, which heightens the risk of market overheating and may later result in non-payment of loans and a significant deterioration of the quality of the loan portfolio, reads the Russian Central Bank’s financial stability review for the first quarter of 2013. Central Bank chair Elvira Nabiullina said at a meeting with President Vladimir Putin that further concentration of risks in the consumer loans sector was unacceptable. The bank is drafting proposals on amending legislation in order to reduce overheating in the sector, she said.

2023-10-08 11:42:18