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           <h1>Analysis of financial results</h1>
 
<table class="tbimg" align="right" style="margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 10px; border-collapse: collapse; "> 
  <tbody> 
    <tr><td> 
        <h4>Assets, RUB million</h4>
       
        <p><img src="/img/grafiki_en/09.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/2012/en/09.xlsx" target="_blank" >Download XLS</a></p>
       </td></tr>
   </tbody>
 </table>
 
<ul> 		 
  <li>Net profit was RUB 1,594 million, up 170% year-on-year</li>
  <li>Total assets increased by 11% to RUB 184 billion</li>
  <li>Operating income reached RUB 10.6 billion, up 32% year-on-year</li>
  <li>Return on equity (ROE) was 9.1%, up 5.6 percentage points year-on-year</li>
</ul><br />

 
<h2> Assets </h2> 
<p>In 2011, assets increased by 10.7% to RUB 183.9 billion, mainly due to a rise in the net loan portfolio of RUB 20.3 billion (up 19.5%). The corporate loan portfolio expanded mainly in the first half of the year, while retail lending soared throughout 2011.</p>
<p>Driven by an influx of corporate and retail customers, the Bank’s funding  base strengthened in 2011 with an increase of 11.4% year on year to RUB 145.1 billion. The main growth was in the fourth quarter due to a seasonal increase in balances on current accounts and greater deposits by retail customers amid rising interest rates throughout the whole system. Funds from individuals remain the Bank’s primary  source of funding, accounting for 56% of all liabilities. Due to the rapid growth of the loan portfolio, the ratio of loans before provisions for deposits increased by 6.2 percentage points to 94.6% by the year-end, demonstrating greater efficiency and paving the way for future business expansion.</p><p><a href="#top" class="top" >Top</a></p>



<h2>Capital</h2>
<p>Bank Vozrozhdenie’s capital increased on the back of net income earned in 2011, totaling RUB 18.5 billion, up 9.5% year-on-year. The overall capital adequacy ratio fell to 13.8% and the tier 1 capital ratio to 11.9%, compared with a respective 15.2% and 12.8% in 2010, due to business expansion and an increase in working assets. </p><p><a href="#top" class="top" >Top</a></p>


<h2>Loan portfolio</h2>
<p>In 2011, Bank Vozrozhdenie’s loan portfolio before provisions increased by 19.2% to RUB 137.3 billion, due to growth in the corporate loan  portfolio of 14.6% and a surge in retail lending. The corporate loan portfolio remained well diversified by industry, with the largest shares falling on manufacturing (27%) and retail sales (23%). Almost 62% of all corporate loans were issued to small and medium-sized businesses, a key client segment for the Bank. The retail loan portfolio expanded by 46.7% (compared with 35.9% for the sector), mainly due to mortgage lending increasing by 56.9% to RUB 15.4 billion - mortgages remain a key part  of the Bank’s retail business. The consumer loan portfolio also demonstrated a positive trend, climbing by 46.6% to RUB 6.3 billion. As a result, the share of retail lending reached 17.7% of the total loan portfolio.</p><p><a href="#top" class="top" >Top</a></p>


<h2>Securities portfolio</h2>
<p>The Bank’s securities portfolio stood at RUB 8.7 billion at the end of 2011, compared with RUB 14.2 billion a year earlier. The securities traded mainly included investment-grade short-term debt instruments. As of 31 December 2011, the securities portfolio consisted primarily of corporate bonds and Eurobonds (91.2%), as well as bonds and Eurobonds from federal and regional issuers (8.7%).</p>
<table class="tbimg" width="100%" style="border-collapse: collapse; "> 
  <tbody> 
    <tr><td style="vertical-align: top; "> 
        <h4>Loan portfolio, RUB million<sup><a href="#" class="term" title="Before loan-loss provisions"><font class="Apple-style-span" size="1">1</font></a></sup></h4>
        <p><img src="/img/grafiki_en/10.png" border="0"  /></p>
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/2012/en/10.xlsx" target="_blank" >Download XLS</a></p>
       </td><td style="width: 50px; "> 
        <br />
       </td><td style="vertical-align: top; "> 
<h4>Client funds, RUB million</h4>
        <p><img src="/img/grafiki_en/11.png" border="0"  /></p>
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/2012/en/11.xlsx" target="_blank" >Download XLS</a></p>
       </td></tr>
   </tbody>
 </table>
<table class="tbimg" style="border-collapse: collapse;" align="center"> 
  <tbody>
    <tr><td style="vertical-align: top;"> 
        <h4>Trends of lending in Russia and Bank Vozrozhdenie’s loan portfolio</h4>
        <p style="text-align:center;"><img src="/img/grafiki_en/15.png" border="0"  /></p>
        <p style="text-align:center;"><img src="/img/xls.png" border="0"  /> <a href="/xls/2012/en/15.xlsx" target="_blank" >Download XLS</a></p>
       </td></tr>
   </tbody>
 </table>
<p><a href="#top" class="top" >Top</a></p>


<h2>NPLs</h2>
<p>In 2011, the share of non-performing loans (NPLs) in the Bank’s loan portfolio declined by 2.78 percentage points to 7.7%. In absolute terms, its volume decreased to RUB 10.6 billion (down 12.4%), from a peak of RUB 12.1 billion at the beginning of 2011. There was significant progress in dealing with NPLs in the fourth quarter, when the share of bad debt in the total loan portfolio fell by 7.9% due to an improvement in quality in both corporate and retail segments. Despite the higher quality of the loan portfolio, the Bank continues to charge significant provisions: the ratio of provisions to the average corporate portfolio remained at the 2010 level of 1.8%. Given that the total provisions for loan impairment was RUB 13.0 billion, the coverage for NPLs was 134% in arrears for more than one day, 140% for more than 30 days, and 151% for more than 90 days.</p><p><a href="#top" class="top" >Top</a></p>


<h2>Net interest income</h2>
<p>In 2011, the Bank’s net interest income totaled RUB 7.5 billion, up 36% year-onyear.
A key driver was the decline in funding costs stemming from the gradual expiration of the remaining deposits opened in 2009-10 at higher rates, as well as a rise in the share of more
profitable retail lending. The net interest margin on average assets was 4.3% for the year, compared with 3.6% in 2010.</p><p><a href="#top" class="top" >Top</a></p>


<h2>Non-interest income </h2>
<p>The Bank’s non-interest income increased to RUB 5.4 billion in 2011, up 23.3% year-on-year. However, their share in the Bank’s total operating income before provisions remains high at 42%. Net fee income rose by 22.5% to RUB 4.8 billion.</p><p><a href="#top" class="top" >Top</a></p>



<h2>Operating expenses</h2>
<p>The Bank’s operating expenses climbed by 16.3% to RUB 8.4 billion last year. The share of non-personnel costs in total operating expenses decreased to 41%, compared with 44% in 2010. Due to the rapid income growth, the Bank managed to reduce the ratio of cost to income before provisions from 72.5% to 64.8%.</p>
<table class="tbimg" style="border-collapse: collapse; width:100%;"> 
  <tbody>
    <tr><td> 
        <h4>Operating costs, RUB million</h4>       
        <p><img src="/img/grafiki_en/12.png" border="0"  /></p>       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/2012/en/12.xlsx" target="_blank" >Download XLS</a></p>
       </td><td></td><td style="vertical-align: top; "> 
        <h4>Cost-to-income ratio, %</h4>       
        <p><img src="/img/grafiki_en/14.png" border="0"  /></p>       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/2012/en/14.xlsx" target="_blank" >Download XLS</a></p>
       </td></tr>
   </tbody>
 </table>
<p><a href="#top" class="top" >Top</a></p>


<h2>Net profit </h2>
<p>The Bank’s net profit reached RUB 1.6 billion in 2011, up by 170% amid greater operating income and fee income. The effective tax rate was 21%.</p>
<table class="tbimg" width="100%" style="border-collapse: collapse; "> 
  <tbody> 
    <tr><td style="vertical-align: top; "> 
        <h4>Net profit, RUB million</h4>       
        <p><img src="/img/grafiki_en/13.png" border="0"  /></p>       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/2012/en/13.xlsx" target="_blank" >Download XLS</a></p>
       </td><td style="width: 50px; "> 
        <br />
       </td><td style="vertical-align: top; "> 
        <h4>Fee and commission income, RUB million</h4>       
        <p><img src="/img/grafiki_en/16.png" border="0"  /></p>       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/2012/en/16.xlsx" target="_blank" >Download XLS</a></p>
       </td></tr>
</tbody>
</table>
<p><a href="#top" class="top" >Top</a></p>





 

 

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