Gazprombank 1st Quarter Profit Rose

Russia's gas monopoly Gazprom's authorized bank Gazprombank drove up the Q1?06 pretax profit 294 percent on year to 6.7 billion rubles, AK&M news agency reported.

The assets stepped up 15 percent to 500.8 billion rubles in the first quarter of this year; equity gained 3 percent to 45.3 billion rubles; loan (and equated) liabilities grew 21 percent to 348.6 billion rubles. The loaned amount granted to entities stepped up 7 percent, while the loans of individuals increased 26 percent. Corporate deposits (except banks) reached 221.8 billion rubles, 8 percent up on year; individual deposits amounted to 45.3 billion rubles, 3 percent up vs. the first quarter of 2005.

Gazprombank will be reorganized into an open joint stock entity in the second half of this year, according to Alexander Sobol, deputy chairman of the bank?s board.
The changes are spelled out in the strategic development program of Gazprombank and are targeted at improving efficiency of its operation.