MOSCOW, May 2 (RIA Novosti) - Gazprombank said Wednesday the value of its assets calculated to Russian Accounting Standards (RAS) increased 51%, year-on-year, in the first quarter of 2007, to 1.09 trillion rubles (about $42.2 billion).
Gazprombank, which is a subsidiary of Russian energy giant Gazprom [RTS: GAZP], said its net income grew 170% in the reporting period, to 14.8 billion rubles (about $573.6 million), and pre-tax profit climbed 120%, to 15.3 billion rubles (about $593 million).
"The bank's profit growth is attributable both to the stable inflow of revenues from lending operations and its successful performance on the stock market, despite the stock market's volatility," Gazprombank Deputy Chairman Alexander Sobol said.
