KOMMERSANT. Losses suffered by Tinkoff Credit Systems in the first half of 2008 amounted to $4.46 mln. As Kommersant business daily wrote, this information was disclosed in the financial report of Sweden’s Vostok Nafra Investments, one of the lender’s shareholders.
On generating $830,000 in first-half profit, the bank then created $6.3 mln reserves for potential losses under loans issued. Six months ago the bank’s reserves for household loans stood at $3.3 mln (according to the lending institution’s FY07 IFRS financial statement posted on its website). Meanwhile, in January-June 2008 the bank’s interest income came to $12.5 mln and commission fees amounted to $2.5 mln.
Experts attribute such sharp growth in indicators to a 4-fold increase in the issue of credit cards. For the record, as of the beginning of the year the bank activated over 50,000 credit cards and by July 2008, as the bank’s owner Oleg Tinkoff told web portal banki.ru, his bank already issued 200,000 credit cards.
