Annual Report 2011
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Report of the independent auditor on the summary consolidated financial statements

To the Shareholders and Board of Directors of Bank Vozrozhdenie:

The accompanying summary consolidated financial statements, which comprise the summary consolidated statement of financial position as at 31 December 2011 and the summary consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended are derived from the audited consolidated financial statements of Bank Vozrozhdenie and its subsidiary (the Group) for the year ended 31 December 2011. We expressed an unmodified audit opinion on those consolidated financial statements in our report dated 26 March 2012.

The summary consolidated financial statements do not contain all the disclosures required by International Financial Reporting Standards (IFRS). Reading the summary financial statements, therefore, is not a substitute for reading the audited consolidated financial statements of the Group prepared in accordance with IFRS.

Managements responsibility for the summary consolidated financial statements

Management of the Group is responsible for the preparation of a summary of the audited consolidated financial statements on the basis described in Note Basis for preparation.

Auditors responsibility

Our responsibility is to express an opinion on the summary consolidated financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810, Engagements to Report on Summary Financial Statements.

Opinion

In our opinion, the summary consolidated financial statements derived from the audited consolidated financial statements of the Group for the year ended 31 December 2011 are consistent, in all material respects, with those consolidated financial statements, on the basis described in Note Basis for preparation.

26 March 2012
Moscow, Russia

FINANCIAL STATEMENTS 2011

Summary Consolidated Financial Statements Derived from the Audited International Financial Reporting Standards Consolidated Financial Statements and Independent Auditors Report 31 December 2011

Summary consolidated statement of financial position

In millions of Russian Roubles

31 December 2011

31 December 2010

ASSETS
Cash and cash equivalents

37 755

32 151

Mandatory cash balances with the CBRF

1 939

1 072

Trading securities

7 347

12 182

Due from other banks

967

5 860

Loans and advances to customers

124 383

104 046

Investment securities available for sale

1 377

2 043

Property, equipment and intangible assets

3 048

3 132

Other financial assets

1 254

1 644

Non-current assets classifield as held for sale

1 254

1 644

Other assets

4 843

3 922

TOTAL ASSETS

183 888

166 158

LIABILITIES
Due to other banks

8 202

7 772

Customer accounts

145 142

130 334

Debt securities in issue

6 722

5 794

Subordinated loans

4 217

4 293

Other financial liabilities

588

611

Other liabilities

555

494

TOTAL LIABILITIES

165 426

149 298

EQUITY
Share capital

250

250

Share premium

7 306

7 306

Retained earnings

10 807

9 227

Other reserves

99

77

TOTAL EQUITY

18 462

16 860

TOTAL LIABILITIES AND EQUITY

183 888

166 158

D.L. Orlov
President

A.A. Novikova
Chief Accountant

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Summary consolidated statement of comprehensive income

In millions of Russian Roubles

2011

2010

Interest income

13 959

13 600

Interest expense

(6 503)

(8 109)

Net interest income

7 456

5 491

Provision for loan impairment

(2 304)

(1 872)

Net interest income after provision for loan impairment

5 152

3 619

Fee and commission income

5 232

4 295

Fee and commission expense

(410)

(360)

Losses less gains/Gains less losses from trading securities

7

(90)

Gains less losses from trading in foreign currencies

420

345

Foreign exchange translation losses less gains

(50)

(24)

Gains less losses from disposals of investment securities available for sale

12

15

Dividend income

3

2

Other operating income

219

225

Administrative and other operating expenses

(8 353)

(7 180)

Provision for impairment of other assets

(216)

(121)

Profit before tax

2 016

726

Income tax expense

(422)

(145)

PROFIT FOR THE YEAR

1 594

581

Other comprehensive income:
Available-for-sale investments:
Gains less losses/(Losses less gains) arising during the year

32

(5)

Income tax credit/(expense) recorded directly in other comprehensive income

(10)

12

Other comprehensive income for the year

22

7

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1 616

588

Earnings per share for profit attributable to the equity holders of the Bank, basic and diluted (expressed in RR per share)
Ordinary shares

64

23

Preference shares with determined dividend amount

25

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Summary consolidated statement of changes in equity

In millions of Russian Roubles

Share capital

Share premium

Revaluation reserve for available-for-sale investments

Retained earnings

Total equity

Balance as at 31 December 2009

250

7 306

70

8 660

16 286

Profit for the year

-

581

581

Other comprehensive income

7

-

7

Total comprehensive income for 2010

7

581

588

Dividends declared

(14)

(14)

Balance as at 31 December 2010

250

7 306

77

9 227

16 860

Profit for the year

-

1 594

1 594

Other comprehensive income

22

-

22

Total comprehensive income for 2011

22

1 594

1 616

Dividends declared

(14)

(14)

Balance as at 31 December 2011

250

7 306

99

10 807

18 462


Summary consolidated statement of cash flows

In millions of Russian Roubles

2011

2010

Cash flows from operating activities
Interest received

14 660

13 199

Interest paid

(6 601)

(8 448)

Fees and commissions received

5 244

4 267

Fees and commissions paid

(410)

(360)

Net income received from trading in trading securities

(32)

19

Net income received from trading in foreign currencies

420

345

Other operating income received

178

217

Administrative and other operating expenses paid

(7 708)

(6 575)

Income tax paid

(825)

(633)

Cash flows from operating activities before changes in operating assets and liabilities

4 926

2 031

Changes in operating assets and liabilities
Net increase in mandatory cash balances with the Central Bank of the Russian Federation

(867)

(204)

Net increase in trading securities

4 920

(2 541)

Net decrease/(increase) in due from other banks

4 912

506

Net (increase)/decrease in loans and advances to customers

(24 039)

(20 568)

Net increase in other financial assets

407

(425)

Net decrease in other assets

(213)

148

Net increase/(decrease) in due to other banks

215

3 126

Net increase in customer accounts

13 773

17 978

Net (decrease)/increase in debt securities in issue

819

(333)

Net increase in other financial liabilities

(24)

26

Net increase in other liabilities

(110)

41

Net cash (used in)/from operating activities

4 719

(215)

Cash flows from investing activities
Acquisition of investment securities available for sale

(762)

(1 589)

Proceeds from disposal of investment securities available for sale

1 491

876

Acquisition of premises, equipment and intangible assets

(442)

(511)

Proceeds from disposal of premises, equipment and intangible assets

15

8

Income from disposal of non-current assets available for sale

38

63

Proceeds from disposal of investment properties

181

7

Dividend income received

3

2

Net cash (used in)/from investing activities

524

(1 144)

Cash flows from financing activities
Receipt of funding from international financial institutions

-

407

Repayment of subordinated loans

(226)

(395)

Receipt of subordinated loans

-

91

Dividends paid

(14)

(14)

Net cash from/(used in) financing activities

240

89

Effect of exchange rate changes on cash and cash equivalents

601

(680)

Net (decrease)/increase in cash and cash equivalents

5 604

(1 950)

Cash and cash equivalents at the beginning of the year

32 151

34 101

Basis for preparation

These summary consolidated financial statements of Bank Vozrozhdenie and its subsidiary (the Group) have been prepared by extraction, without any modification, of the consolidated statement of financial position, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows from the consolidated financial statements of the Group prepared in accordance with International Financial Reporting Standards.

The consolidated financial statements, from which the summary consolidated financial statements have been derived, are available from Bank Vozrozhdenie upon request at Luchnikov pereulok, 7/4 bld. 1, 101990, Moscow, Russian Federation.

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IR contacts

Tel.:  +7 (495) 620 9071
Fax: +7 (495) 620 1953
Web-site: http://www.vbank.ru
Email:  investor@voz.ru

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