LOCKO-Bank net profit totaled 1,035 in 2011

LOCKO-Bank published audited consolidated financial reporting for 2011 prepared according to International Financial Reporting Standards with major results as follows:

• 2011 net profit – 1,035 bn roubles, 23% growth against previous year
• Assets went up - 20% to 60,2 bn roubles ($1,9 bn)
• Return on assets employed (ROAE) totaled 15,3% or 1,0% above 2010 results.
• Capital adequacy as of 2011 year end amounted to 15,7%
• Major client segment of LOCKO-Bank is small and medium sized companies the loans to which represented 27% of the credit portfolio in 2011.
• The share of retail loans almost doubled having reached 21%. Besides, in 2011 the Bank considerably improved operating income structure and
• achieved sufficient growth of interest income (45% ) and fee and commission income (46%).
Dmitry Kryukov, Chairman of the Management Board comments: "2011 results demonstrate high profitability and stability of income base, which is exceptionally important in unstable market situation. In the second part of the year when the market was unstable we paid much attention to the quality of assets, operational profitability and maintained high liquidity level. In 2012 the Bank shall continue to implement long term financial sustainability model, focusing on organic growth in key business segments – SME and retail banking, as well as on further improvement of operational efficiency and service quality”.