Bank Severnaya Kazna’s net loss (now the asset of Alfa-Bank) was officially reported to have exceeded 1.52 billion RUR in the fourth quarter of 2008. A quarter earlier, the loss figure came to 60.507 million RUR. This means the net loss increase amounted to 1,464,444,000 RUR, or 2,240.29%.

The bank claims the reason for net loss growth is their selling their securities portfolio and creating debt reserves.