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The Bank of Moscow, one of Russia's top five banks, posted
The Bank of Moscow, one of Russia's top five banks, posted on Friday a 8.6% year-on-year drop in net profit calculated to Russian Accounting Standards to 4.3 billion rubles ($156 million) for the first nine months of 2008.

The bank's pretax profit declined 3.6% to 6.8 billion rubles ($244 million) in the reporting period, against January-September 2007.

Assets increased 34.5% to 681 billion rubles ($25 billion) as of October 1, 2008 from the start of the year.

The Bank of Moscow was established in 1995. The Moscow government owns a 44% stake directly and another 15% through the Moscow Insurance Company.


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