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Increased volumes of the Banks own funds, expansion of resource base at the expense of mobilizing temporarily free client funds and inter-bank credits allowed the Bank permanently to expand the scale of crediting main and new clients, to invest free money resources in the development of real sector of economics (i.e. connected with production), to accumulate the credit portfolio.
As a result, total short-term Bank credits for 1 day to 1 year issued from the beginning of the financial year made about 50 billion Rubles. Among them, the inter-bank contract-based credits were issued in the amount of more than 47 billion Rubles. Their volume grew 9 times against those in 2001.
The average indebtedness of client companies and organizations to the Bank in the year of account made more than 700 million Rubles against 382 million Rubles in 2001.
The analysis of the account data for the past year shows steady positive changes in the structure of credit investments. The specific weight of credits issued in the year of account to industrial companies increased up to 50 percents and the absolute amount of residual debt as on January 1, 2003 made 88.2 million Rubles against 44 percents and 68.9 million Rubles in 2001.
It should be noted that last year choosing the borrowers the Bank gave the maximum priority to profitable, financially steady industrial companies that proved to be reliable borrowers.
Comparing to 2001 a certain reallocation of issued credits occurred as regards the terms of repayment. Actually, in 2002 the Bank took measures to overcome the gap in the urgency of assets and liabilities. Thus, for example, short - term credits were still dominating in the structure of credits, however, the volume of credits issued under call terms and conditions and for a term up to 30 days started to increase, their share in the credit portfolio of the Bank made over 67 percents. This is first of all due to the lack of long-term resources with the Bank as well as in the whole country.
The data analysis as on January 1, 2003 has shown, that comparing with the beginning of the year the Bank achieved a balance in terms of call payment and liabilities, thus eliminating the liquidity deficit observed in 2001.
In 2002 credits mainly were issued for purposes connected with the development of production and increase in the output, leasing services, increase in volume of goods turnover.


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Bank Zarechye (Joint Stock Company)