Select your city:
Moscow

VTB Bank call center

+7 (800) 200-77-99
+7 (495) 739-77-99
For general information and enquiries

OJSC "VTB-Leasing" Announces Q3 2008 Results

 
26 January 2009

 

Today OJSC "VTB-Leasing" announced its unaudited results of operations (reported under International Financial Reporting Standards - IFRS) as of September 30, 2008.

ECONOMIC ENVIRONMENT:

  • In Q3 2008 Russian economy saw a significant decline of its growth rate;
  • Russian government started active implementation of a national economy support program. This program also aims to ensure stability of Russia`s banking sector;
  • Bank VTB plays a key role in measures taken to provide financing to vitally important sectors of national economy.

KEY FINANCIAL HIGHLIGHTS OF OJSC "VTB-LEASING" FOR 9 MONTHS OF 2008:

  • Company's net profit increased by 76% to US$78.7 million compared to same period of 2007.
  • Revenue from core operations grew by 138% and reached US$331 million compared to same period of the previous year.
  • Company's capital was US$215 million (US$111 million as of June 30, 2007).
  • Assets increased by 59% to US$4.3 billion in first half of 2008 (Assets as of the end of 9 months 2007 were US$2.7 billion).

Consolidated leasing portfolio (amount of clients' obligations under their leasing contracts less amounts of leasing payments already made) including transactions of OJSC "VTB-Leasing" and its subsidiaries at the end of nine months of 2008 reached US$7 billion.

The key segments of the Company's leasing portfolio as of the end of 9 months 2008 were:

  • Railroad transportation equipment and rolling stock - 37% or US$2.6 billion
  • Aircraft and aviation equipment - 23.3% or US$1.6 billion
  • Oil production and processing equipment - 16.6% or US$1.2 billion
  • Power generation equipment - 8.4% or US$600 million
  • Machine-building equipment - 3.9% or US$300 million

According to studies published by the European federation of national leasing associations (LEASEUROPE) OJSC "VTB-Leasing" occupies the 21st position in the 2007 annual ranking of Europe`s top 100 leasing companies (VTB-Leasing moved up from the 42nd place it had in 2006).

Mr. Andrey Konoplev, General Director and member of the Board of Directors of OJSC "VTB-Leasing", commented: "Our key clients are the leading Russian companies - and naturally they felt the strong impact of the global economic crisis. The growth of the Company's performance indicators for 9 months of 2008 indicates the correct choice of strategy of the Company's development in the environment of global financial crisis. Our objective for 2009 is to retain our leadership position in the leasing services market and to firmly adhere to all our prior commitments."

Mr. Andrey Kostin, President and chairman of the board of Bank VTB, noted: "In our opinion the Government of the Russian Federation has rapidly and efficiently responded to the crisis. VTB - in its capacity as a conduit of state assistance - is actively supporting the key sectors of the national economy. Current results of our operations show that we are able to fulfill that objective while keeping efficient control over the Bank's expenses and risks and while developing our Bank's business, leading to growth of the Bank's shareholder value. We are confident that in spite of the difficult economic situation we are forming new and deepening existing client relationships - thus building a foundation for further strengthening of our Bank's positions when the economic situation comes back to normal."

Contact Information:
Public Relations Department:
Tel.: +7 (495) 514-16-51
E-mail:  pr@vtb-leasing.ru

Information About VTB-Leasing
OJSC "VTB-Leasing" is a universal leasing company.
VTB-Leasing is the leader in the leasing services market and has strong competitive positions in main segments of its market.
VTB-Leasing was founded in June 2002. JSC Bank VTB is the sole shareholder of OJSC VTB. VTB-Leasing has charter capital of 620 million rubles.

Presently VTB-Leasing has 11 regional branches in Russian Federation and 3 subsidiaries in the CIS countries (Ukraine, Belarus and Armenia). It is one of the leading Russian leasing companies offering a broad range of leasing services and operating both in Russia and abroad.

Disclaimer (Statement of Limitation of Liability)
Certain information contained in this press release may contain forecasted indicators or other forward-looking statements referring to future events or future financial operations of OJSC "VTB-Leasing" ("VTB"). Forward-looking statements can be identified by the use of such words and phrases as "expect", "believe", "assume", "evaluate", "intend", "will", "potential", by the use of negative derivative forms of those terms or by use of other similar expressions. Such statements are of a solely forward-looking nature; actual events or results may materially differ from those statements. VTB does not intend to adjust those statements in order to reflect events and circumstances taking place after the date of the present document or to reflect the occurrence of unforeseen events. There exists a multitude of factors capable of influencing the actual results of the company so that they will materially differ from results indicated in our forward-looking or forecasting statements. Such factors include, but are not limited to, general economic conditions, our competitive environment, risks of doing business in Russia, abrupt technological and market changes in our areas of activity as well as numerous other risks directly influencing VTB and its operations.
The present document does not represent an offer and is not part of an offer or invitation to sell or issue or any other invitation to make offers for sale or subscription to any securities of OJSC "VTB-Leasing" or its subsidiaries and regional branches; neither the present document nor any part thereof should be relied upon with regard to any contract or investment decision; the present document does not represent a recommendation regarding securities of VTB, its subsidiary companies and regional branches.
This press release does not represent a public offer or an advertisement of securities in the territory of the Russian Federation; it is not an offer or an invitation to make and offer for purchase of any securities in the territory of the Russian Federation.


Back to the list



VTB group news subscribe
  • E-mail subscribe
  • RSS lent
    Subscribe
    Subscribe
Download the list of cities.....