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. Last Updated: 07/27/2016

St. Pete Bank's Profits Up 6-Fold

CIT Finance, a midsize investment bank, posted a more than sixfold jump in net profits last year on the back of a boom in capital markets and growth of mutual funds, the bank said Friday.

The St. Petersburg-based bank earned more than $110 million in 2005, up from $15 million the previous year, the bank said in a statement, without disclosing its revenue.

"If in 2004 we operated much like a hedge fund, in 2005 we built up an investor client base, which notably boosted our trading operations," said Vsevolod Malev, head of the bank's sales and trading. He added that the bank might hold an initial public offering after 2008.

CIT Finance is ranked just outside the top 50 domestic banks in terms of assets and capital. Board chairman Alexander Vinokurov and another four managers hold over 55 percent of the bank's shares, and the rest belongs to private investors.