NET PROFIT OF BANK VTB (ARMENIA) TRIPLES UP TO 2.9BLN DRAMS BY END OF 2008

ARKA
Jan 21, 2009

YEREVAN, January 21. /ARKA/. Net profit of Bank VTB (Armenia) closed
joint stock company grew by over three times up to 2.9bln Drams by
the end of 2008, General Director of Bank VTB (Armenia) closed joint
stock company Valery Ovsiannikov told a press conference at Novosti
International Press Centre.

In 2008 the bank recorded very good profit indicators as per the
national standards and provided a 363% growth as compared with 2007
bringing the volume up to 3bln Drams, Ovsiannikov said.

The bank’s balance sheet profit increased by 462.5$ or by 2.9bln
Drams up to 3.7bln Drams.

ROE (return on equity) indicators grew up to 13.1% in 2008 against 6.8%
in 2007, whereas ROA (return on assets) remained unchanged at 3.3%. CIR
(bank’s cost/income ratio) went down to 50.2% in 2008 against 55.7%
in 2007.

Bank VTB (Armenia) (Armsavingsbank before June 20 2006) joined the
VTB Group in April 2004. Currently the bank VTB is the full owner of
Bank VTB (Armenia) closed joint stock company.

The share capital of the bank was 13.9bln Drams, total capital 23.9bln
Drams as of the end of December 31. The bank’s assets totaled 99.2bln
Drams and credit portfolio 70.2bln Drams with net profit amounting
to 2.9bln Drams in January-December 2008.