MOSCOW, May 18 (RIA Novosti) - The Russian Central Bank's profits grew by four times, year-on-year, in 2008 to 97.79 billion rubles ($3 billion), the bank's annual report said on Monday.

The 2008 annual report prepared by the country's top bank has been submitted to the lower house of parliament for approval.

The Central Bank's revenues increased 50% in the reporting period to 764.42 billion rubles ($23.8 billion) while expenditures grew 40% to 666.63 billion rubles ($20.8 billion), the report said.

Under Russian law, half of the Central Bank's profit has to be channeled into the federal budget.