Wednesday, November 22, 2017

Yekaterinburg branch of IBA-Moscow grows assets 50.2 percent

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rinburgnews.com/wp-content/uploads/2012/08/Logo1.png" alt="" title="Logo" width="136" height="118" class="alignright size-full wp-image-2277" />The Indian Business Alliance-Moscow announced this week that the assets of its Yekaterinburg branch increased 50.2 percent during the first half of the year, rising to $46.68 million.

The balance profit for the first half of the year at the branch grew 98.2 percent to $1.603 million, AzerTAc reports.

During the first half of the year, the loan portfolio made $39.73 million at the branch, representing a 39 percent growth year on year. Of the loan portfolio total, $38.02 million belonged to private entrepreneurs and legal entities, with the rest belonging to individuals. Crediting for small and medium businesses increased 25 percent to $19.26 million, according to AzerTAc.

The Yekaterinburg branch of the IBA paid approximately $187,896 as interest on the deposits of individuals. The branch opened in 2005.

The IBA was established in 1994 in an effort to help Indian businessmen and newcomers from throughout the world to succeed in Russia. IBA membership is mostly comprised of small, medium and corporate enterprises and companies. The alliance has more than 100 members from all major manufacturing fields, including plastics, sugar, metals, chemicals, textiles, engineering and pharmaceuticals.

The IBA facilitates and promotes favorable business conditions throughout the Russian Federation for foreign businesses.