Bank Vyatich’s net profit goes down 80% in October-December 2008

Bank Vyatich’s net profit went down by 4.023 million RUR, or 80% in the last quarter of 2008. The bank’s net profit only reached 1.029 million RUR in October-December 2008 compared with 5.052 million RUR in July-September 2008.

The bank reports the drop in their net profits was brought about by the increased expenses related to purchase and sale of foreign currency as well as greater investment in possible loss reserves. These reserves, in their turn, had to be built up upon because of the bank’s growing lending portfolio and advance payments on profits tax.