Credit Bank of Moscow (CBM) has reported strong first quarter growth in the amount of letter of credit (L/C) and bank guarantee business it has written.

The bank also reported strong overall growth, with net income amounting to 1.7 billion Russian rubles (RUB1.7 billion - US$56.1 million) in the first quarter of 2013, up by 43.7 per cent compared with the same period last year.

Fees and commissions

The bank's fee and commission income soared by 57.1 per cent in the first three months of this year compared with the first quarter of 2012.

Of this increase, 19.8 per cent was attributable to L/Cs and bank guarantees, the value of which increased by 35.4 per cent or RUB1.2 billion

Transaction volumes

The volume of trade and structured finance transactions seen by CBM in the reporting period was US$170 million, which is 32.2 per cent more than in the first quarter of 2012.

The bank says it has facilitated 116 transactions year-to-date involving parties from 20 countries.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.