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. Last Updated: 07/27/2016

Bank Turns Profit

MOSCOW -- The Russian unit of Bank Austria group made a 1999 after-tax profit of 253 million rubles, about $9 million, it said.

Bank Austria Creditanstalt (Russia), one of the leaders among foreign-controlled operations expanding Russian retail banking, doubled its balance sheet to 4.5 billion rubles, or about $165 million, it said Monday in a statement.

The bank gave no comparative figures. It said the preliminary results were to Russian accounting standards and reflected a turnaround from 1998, when ruble devaluation hit most of the sector.

The bank rolled out new products such as debit cards, ATMs and payroll services last year. It said it was opening a fourth branch in Moscow and had doubled volumes and account openings for corporate and private customers.