Saint-Petersburg Commercial Bank “Tavrichesky” (joint-stock) (стр. 6 )

As of December 31, 2005 the residues on accounts of the 20 biggest clients of the Bank made 1,668,444 thousand rubles or 39% of the total amount of the clients’ assets.

The assets of clients are presented at amortized value in accordance with the provisions of IFRS 39.

Geographic analysis, as well analysis of assets of clients according to their currency structure, maturity terms and analysis of interest rates are presented in Note 25.

Note 14 – Issued Debt Securities

Issued debt securities comprise:

	2006	2005
Bills of exchange	1	1
Deposit certificates
Issued debt securities, total	2	2

As of December 31, 2006 the total indebtedness of the Bank to 5 clients made 1,463,313 thousand Rubles or 64% (2005: 7 clients with 1,304,823 thousand Rubles or 56%).

The issued debt securities are presented at amortized value in accordance with the provisions of IFRS 39.

Geographic analysis, as well analysis of issued debt securities according to their currency structure, maturity terms and analysis of interest rates are presented in Note 25.

Note 15 – Other Borrowed Funds

Other borrowed funds comprise 2 subordinated deposits. As of December 31, 2006 the balance value of other borrowed funds was 195,163 thousand rubles (2005: 192,785 thousand rubles).

Subordinated deposits represent the funds received from companies situated in the Russian Federation with maturity terms of February, 2007 and June, 2010, with annual and quarterly payment of interests at the rates 1,5% and 9,0% per annum respectively.

Geographic analysis, as well analysis of other borrowed assets according to their currency structure, maturity terms and analysis of interest rates are presented in Note 25.

Note 16 – Other Liabilities

Other liabilities comprise:

	2006	2005
Estimated liability	22 506	12 342
Dividends due	7 200	-
Insurance of investments	3 938	-
Operational taxes payable	683	941
Operations with derivative financial instruments	328	-
Others	3 714	1 379
Other liabilities, total	38 369	14 662

Geographic analysis, as well analysis of other liabilities according to their currency structure, maturity terms are presented in Note 25.

Note 17 – Authorized Capital

As of December 31, 2006 and December 31, 2005 the announced authorized capital of the Bank issued and fully paid includes the following components:

	Quantity of shares	Par value in thousand rubles	Inflation-adjusted amount
Common shares
Privileged shares		72 000
Authorized capital, total

All common shares are valued at 1 ruble per share. Each share presents one vote. Holders of common shares are entitled to take part in the general assembly of shareholders with voting right on all matters of their competence; receive dividends; receive part of the Bank’s property in case of its liquidation.

Privileged shares have a par value of 100 rubles per share and have a privilege over common shares in case of the Bank’s liquidation. Minimum dividends amount paid on this shares makes 10% per annum.

Note 18 – Share Premium

The share premium is an amount by which the contributions to the capital exceed the par value of issued shares and makes 582,285 thousand rubles adjusted to inflation.

Note 19 – Undistributed Profit

In accordance with the Russian law on banks and banking activities, the Bank distributes its profit onto accounts of funds based on the accounting reports executed as provided by the Russian rules of accounting. As of December 31, 2006 the undistributed profit of the Bank made 83,315 thousand rubles (2005: 31,183 thousand rubles). Funds and outstanding profits of the previous years available to the credit institution made 225,290 thousand rubles (2005: 221,619 thousand rubles).

Note 20 – Dividends

	2006	2005
Dividends due by December 31 of the year which precedes the reporting year	-	-
Dividends announced during the year	60 515	7 200
Dividends paid during the year		(7 200)
Dividends due by December 31 of the reporting year	7 200	-

All dividends are announced and paid in the currency of the Russian Federation. Dividends to be paid as of December 31, 2006 are comprised in other liabilities (See Note 17).

Note 21 – Interest Earnings And Paid Interests

	2006	2005
Interest earnings
Credits and advanced payment to clients
Assets in other banks	15 307	2 710
Correspondent accounts and “overnight” deposits in other banks	4 288	3 826
Financial assets estimated at fair value using profit and loss	308	283
Interest earnings, total
Paid interest
Issued debt securities
Term deposits of physical persons
Term deposits of juridical persons	58 033	44 253
Term bank deposits	43 504	32 129
Clearing accounts	460	17 861
Other borrowed assets	16 553	16 387
Paid interests, total
Net interest earnings

Note 22 – Commissions Earned And Paid

	2006	2005
Commissions earned
Commissions on clearing transactions	66 111	39 224
Commissions on issued guaranties	8 468	10 197
Commissions on cash transactions	19 749	9 711
Commissions on currency transactions	11 752	8 417
Other commissions	3 002	1 896
Commission earned, total		69 445
Commissions paid
Commissions on clearing transactions	5 825	3 040
Other commissions	3 398	1 028
Commissions paid, total	9 223	4 068
Net commissions earned	99 859	65 377

Note 23 – Operating expenses

Operating expenses comprise the following items:

	2006	2005
Expenditure for personnel
Rent	99 317	84 278
Professional services	20 087	19 715
Insurance	16 610	11 165
Depreciation of fixed assets	14 219	10 430
Security services	13 506	8 850
Other costs related to fixed assets	13 026	17 764
Operating taxes	10 093	10 482
Costs on assignment of right of claim	6 640	6 825
Charity	4 075	-
Travel and entertainment allowance	1 794	2 039
Penalties, charges	791	1 214
Advertisement, marketing	535	1 569
Other expenses	7 718	12 290
Operating expenses, total

Note 24 – Profit Tax

The profit tax paid comprises the following components:

	2006	2005
Currently paid profit tax	34 995	22 287
Change of deferred taxation related to appearance and writing-off of time differences	(504)	(260)
With deduction of the deferred taxation comprised directly in the own capital	(511)	-
Profit tax paid, total	33 980	22 027

Legal persons of the Russian Federation must present on their own the tax reports on profit and transfer certain amounts of the profit tax to corresponding budgets. In 2006 and 2005 the profit tax rate excluding the tax on state securities made 6,5% on payments to the federal budget and 17,5% on payments to the budget of the territorial entity of the Russian Federation. The profit tax rate on state securities in 2006 and 2005 made 15 % on payments to the federal budget.

A comparison of the theoretical paid tax and the actual paid taxes is given below:

	2006	2005
Profit according to IFRS before taxes	77 992	35 995
Theoretically paid tax at the rate of 24 %	18 718	8 639
- Profit on state securities taxed at other rates	(5)	(1)
- Other continuous differences	15 267	13 389
Profit tax paid for the year	33 980	22 027

As of December 31, 2006 the liabilities in the form of the deferred profit tax made 3,280 thousand rubles (2005: liabilities – 3,784 thousand Rubles). This amount represents the amount of profit tax to be paid in the forthcoming reporting periods after actual receipt of all profits registered in the current reporting period.