PRIME-TASS. Shareholders of Intechbank decided at an extraordinary shareholders meeting to upsize the lending institution’s charter capital through the placement of additional shares worth Rub 1.37 bln with Rub 1.00 par value each, the lending institution reported. The SPO will increase the banks charter capital by 3.2-fold to Rub 2 bln. The plan is to stage an additional share issue via closed subscription. Both current shareholders of the company and new businesses are viewed among potential buyers of the lenders securities.
As news agencies wired earlier, Intechbanks FY08 net profit came to Rub 107.62 mln and Rub 218.57 mln in 2007. In other words, the lenders annual net profit declined by 50.76% or Rub 110.94 mln y-o-y. The banks net profit slid as a result of adjustments and a spike in reserves for potential losses, negative results of the revaluation of currency accounts, an increase in personnel expenses and administrative costs.