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In 2002 the Bank arranged for improvement of credit portfolio quality, maintaining positive tendencies in its structure formed during the last years. Due to daily and targeted work with borrowers the bank managed considerably to reduce backlog of outstanding client payments for credits. The share of delayed credit repayments in the year of account made 2.9 percents against 6.8 percents in 2001. Accordingly, the amount of overdue credit as reduced from 10.9 million Rubles down to 5.3 million Rubles.
It should be noted that during the second financial year none of credits issued by Bank were assigned to the account of overdue loans. Credits were duly redeemed in terms established by credit agreements or additional agreements concluded between the Bank and client borrowers. Thus, the percents on the given credits were in time accounted for in the Banks income.
The overwhelming majority of credits was issued during the year against liquid guarantees of goods and materials or on mortgage, sometimes against securities pledging. The credit status and solvency of borrowers were regularly examined, conditions and guarantee available were checked on the site during the whole term of validity of the credit agreement was regularly conducted.
In 2002 Kazan Helicopter Plant was, as before, the main borrower of the Bank. Credits were given to the said borrower for the purpose of supplying current assets for fulfilling export contracts. During 2002 this borrower received credits in the amount of more than 2.6 billion Rubles against aeronautical engineering, that is, helicopter mortgage. It should be pointed out, that credits were often repaid by this borrower ahead of schedule and the residual debt as on January 1, 2003 made about USD 2.4 million. Credits issued by the Bank to Kazan Helicopter Plant PSC were used efficiently and allowed the plant in 2002 to gain profit in the amount exceeding the level 2001.
During the whole accounting period other important borrowers of the Bank - "ZARECHYE" Private Stock Company was regularly credited using the credit line. The firm used short term bank credits for replenishing current assets and developing new products. Rational usage of borrowed funds allowed the company to increase the volume of production and sell the issued products, thus increasing by 30 % the profit for the accounting period.
During 2002 the Bank "ZARECHYE" actively credited leasing investment company Leasing INVEST for the purpose of purchasing universal machine tools and special equipment for further leasing by orders of the companys partners. The effective utilization of money resources obtained from the Bank, by means of credits allowed this company soon to increase the volume of leasing services almost up to 11 million Rubles and in 2002 to receive the profit about 5 million Rubles.
The stockholders of the Bank put a task of intensifying the work with problematic credits issued by the Bank since 1988. In the result of the Banks efforts aimed at their repayment, in 2002 the client property was sold for the amount of about 5 million Rubles. At the same time the work was carried out for returning credits in money form thus, allowing to redeem credits and use resources in the amount of more than 1.5 million Rubles.

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Address: Russia, Republic of Tatarstan,
420032 Kazan, 2 Luknitskogo Str.
Phone: +7(843) 557-59-03, 557-59-65
Fax: +7(843) 557-59-75, 557-59-65

Bank Zarechye (Joint Stock Company)