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08/04/2008
Accounting for post balance sheet events, the net profit of Russian Agricultural Bank (RAB) fell 24.13 percent to some RUB 1.711bn (approx. USD 73m) in 2007 compared to the previous year, the bank said in a statement today. The decrease in net profit is primarily attributed to banks' obligatory transition to the calculation method of reflecting interest accrued on placed and borrowed funds in their financial results.
The bank announced earlier that its annual net profit grew 2.5 times, from roughly RUB 2.255bn (approx. USD 96m) in 2006 to nearly RUB 5.7bn (approx. USD 243m) in 2007.
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