VTB GROUP RECORDS HIGHER NET PROFIT ON IAS
ARKA
April 10, 2008
YEREVAN, April 10. /ARKA/. According to an unaudited statement in
conformity with the International Accounting Standards (IAS), the
VTB Group, Russia’s largest banking group, brought its net profit up
to $1.514bln in 2007 – a 28.4% increase. The group’s assets reached
$92.609bln – a 76.7% increase.
RIA Novosti reports that the increase in the group’s net profit is
mainly attributed to a considerable increase in crediting.
The credit portfolio of clients less depreciation reserve reached
$58.549bln – a 2-fold increase. The same portfolio before the
depreciation reserve were deduced reached $7.682bln – a 3-fold
increase.
The return on one ordinary share of the VTB Bank reached $0.482 (a
10.6% increase) per one Global Depositary Receipt (GDR), which is
equal to 2,000 ordinary shares.
"These are our first annual results, which we are presenting as a
public company. We are happy that they reflect our solid financial
position," stated VTB Board Chairman Andrey Kostin.
The reporting year showed the company’s ability to ensure efficiency
of investments in retail and corporate banking services in Russia,
he said.
"We also started establishing investment-banking business to develop
our leadership in the banking sector both in Russia and the other
countries of the Commonwealth of Independent States. At this hard
time for the financial sector we are laying the foundations for
long-lasting development," Kostin said.
The VTB Bank, as well as its branch banks, form a leading Russian
banking group rendering services in Russia, some of the CIS
member-countries, as well as in West Europe, Asia and Africa.
The VTB Bank is Russia’s second largest bank. Last May, the bank
organized initial public offering among Russian and international
investors.
It issued 22.5% of its shares.
The RF Government is principal stockholder of VTB, its share being
77.5% P.T.