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Alfa Bank posted a net profit of $138 mln during the first nine months of 2005 by International Financial Reporting Standards
Alfa Bank, Russia's largest privately-owned bank, posted a net profit of $138 mln during the first nine months of 2005 by International Financial Reporting Standards (IFRS), the bank's press service said Wednesday. Alfa Bank attributed the rise in net profit to a sustained increase in net interest earnings and tight spending controls. "Whereas last year Alfa Bank's net income after taxes came largely from major one-off investment deals, this year it has been based mainly on core banking operations such as interest earnings and commissions," the bank's press service said. During the first nine months, the bank's assets reached $8.8 bln, vs. $5.9 bln in the same period of 2004. Alfa Bank's credit portfolio grew 54.8% year-on-year during the period, reaching $5.4 bln. Corporate and individual accounts in the first nine months climbed to $4.8 bln, vs. $3.8 bln in 2004.
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