The bank's assets grew 37% in the reporting period to $5.4 billion and its credit portfolio expanded 32% to $4.1 billion, the bank said in a statement.

Bank Vozrozhdeniye earlier reported that its net profit under Russian Accounting Standards had increased 125% in January-September from a year ago to 2.7 billion rubles ($100 million).

"The conservative strategy of work based on a considerable share of highly liquid assets on the bank's balance sheet has proved to be fully justified. Despite a considerable deterioration of the general economic situation in the third quarter of this year, the bank both continued the provision of full-fledged services to all its clients and achieved very sound financial results," Vozrozhdeniye Board Chairman Dmitry Orlov said earlier.

Founded in 1991, Bank Vozrozhdeniye services over 55,000 corporate and 1.2 million retail clients, offering a wide range of banking services, including deposit accounts, asset management, financing, mortgage lending and card services.