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. Last Updated: 07/27/2016

Alfa Bank Says 2001 Profits Rose 10%

Alfa Bank, the country's largest private bank, announced Wednesday that its profits jumped 10 percent to a record $85 million in 2001.

Net revenues grew to $264 million from $164 million in 2000, propelled by a 50 percent increase to $75 million in income from commissions and other fees, the bank said. Bank assets increased from $1.9 billion to $2.7 billion, and shareholder equity rose from $125 million to $278 million.

"Alfa Bank's performance in 2001 continues the trend of strong underlying growth in our business," Alfa Bank CEO Alex Knaster said in a statement.

He said the bank saw growth of more than 50 percent in almost every sector of its business and had invested in those sectors to ensure further growth.

"In 2001 we spent over $30 million on information technology and new product development, which will only yield results in 2003," Knaster said.

The bank's loan book increased to $1.5 billion from $950 million in 2000 and deposits from customers to $1.9 billion from $1.2 billion.