Gazprombank, one of Russia`s top five banks, announced on Wednesday a net loss in 2008 of 60.1 billion rubles ($1.9 billion) under International Financial Reporting Standards.
In 2007, Gazprombank posted a net profit of 33.6 billion rubles ($1 billion).
"The main factors for the 2008 loss are the negative revaluation of the bank`s forward foreign exchange transactions and unrealized losses from the revaluation of the securities portfolio," the bank said in a statement.
The Gazprombank management board has made a decision not to pay bonuses to board members for 2008, the bank`s press office said.
sections: Economics |