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FINANCIAL POSITION OF JOINT-STOCK COMMERCIAL BANK "ZARECHYE" IN 2003

The general tendencies in progress of banking sector in Russia

   During 2003 the Central Bank of the Russian Federation prepared and accepted some solutions in the field of stabilization and increasing reliability of the banking sector in Russia. With the purpose of the further integration into the world economic space the solutions on commence of the third stage of the banking system transition to the International standards of account were accepted, specific actions on realization of the system of individual deposits insurance were prepared, strengthening of a control over the credit institutions activity and volumes of the risks having been taken upon by the credit institutions was continued.
   According to the First Deputy of the Central Bank of the Russian Federation Vjugin, in 2004 the Central Bank will plan to accept some measures directed for increasing efficiency of resources investment by the credit institutions. Such instruments as mortgage, consumer and small business crediting being currently applied to not so widely as yet are emphasized and supported. Besides revision in the legislation of the Russian Federation is going to be fixed with the purpose of upgrading protection of the creditors rights and increasing the efficiency of the loan policy. A new kind of deposit allowing the investor to withdraw just in accordance with the terms arranged in the agreement will be put in.
   Effecting the measures indicated would significantly strengthen the reliability of the banking system and appeal the investors.

   In 2004 the Law of individual insurance of deposits in the banks of the Russian Federation the provisions of which meet the standards of worldwide practice will take effect.
   Thereby, the banks willing to take part in the program of insurance of the clients' deposits are due to put in an application to the Central Bank of the Russian Federation by the end of June 2004. The Central Bank of the Russian Federation will take a decision on admitting the bank to the system of obligatory insurance after they review the financial report of the bank activity in 2003-2004.

The banking sector in Tatarstan

    Joint-Stock Commercial Bank "Zarechye" is situated in Kazan, the capital of the Republic of Tatarstan.
Tatarstan is the one of the most dynamically developing center of the Russian Federation. Kazan is a major economic center in the Volga area. Its numerous plants and factories turn out all sorts of manufactured goods such as oil, polyethylene, intercontinental liners, helicopters, high-power compressors, computers, optic devices, medical instruments and a lot of other products.

   Nowadays in the Republic of Tatarstan which is an administrative unit of the Russian Federation 26 independent credit institutions operate. Such good quantity of the local banks leads the Republic of Tatarstan not just to the first position among the regions of the Volga district but also provides the sixth place in Russia.

   The Republic of Tatarstan precedes in the Volga region federal district not only by quantity of the banks but also by the amount of the authorized capital paid.

   In 2003 JSC Bank "Zarechye" kept on escalating an authorized capital. Holding of a regular issue allowed to increase the amount of an authorized capital of the bank by 100 million rubles and so to raise the amount up to 350 million rubles by January 1, 2004. Growth of an authorized capital was one of the factors of increasing a total volume of the capital base for an accounting period from 380,7 million rubles up to 508,6 rubles (a gain equal to 127,9 million rubles). Generally growth of an authorized capital of the local banks has amounted to 20 %. According to a view of the National Bank of Tatarstan Republic which is a local territorial body of the Central Bank of the Russian Federation JSC Bank "Zarechye" is one of the largest banks of Tatarstan Republic and holds the 7-th position on the amount of an authorized capital.

   A growth of the individuals' deposits conduced to an increase in the resource base of the credit institutions in 2003. So the volume of individual deposits in JSC Bank "Zarechye" has increased more than by 30 million rubles for the period of 2003 that allowed the bank to take the 11-th position among the banks of Tatarstan .

   During the whole accounting period the bank increased the volume of the realized gain and took the 7-th position among the local banks in 2003.


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Контакты Contacts

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
Telex: 224643 LADA RU
SWIFT: ZAJCRU2K

© Bank Zarechye (Joint Stock Company)