MOSCOW, July 12. /TASS/. Sovcombank earned net profits of 23 bln rubles ($253.5 mln) as of the end of the first half of 2023 under the International Financial Reporting Standards (IFRS), the credit institution said in its press release.

"The first quarter of this year turned out to be successful for the bank. The result of the bank was twice above 2021 at the expense of regular profit and one-off earnings. The bank has adapted to the current environment and focuses on the most profitable niches. We used the period of supporting measures of the Bank of Russia, to absorb losses from the asset freeze abroad and have growth for primary indicators," Deputy CEO Sergey Khotimsky said in a comment.

Assets of the credit institution amounted to 2.3 trillion rubles ($25.3 bln). The equity gained 12% to 214 bln rubles ($2.4 bln).