4 June 2009
VTB publishes its unconsolidated RAS financial statements for May 2009
As of 1 June 2009, VTB Bank`s assets were RUB 2,556 billion compared to RUB 2,636 billion on 1 May 2009 and RUB 2,552 billion on 1 January 2009.
The Bank`s corporate loan portfolio reached RUB 1,529 billion, increasing by 4% over the five months of 2009. As of 1 May 2009, the corporate loan portfolio amounted to RUB 1,588 billion. The decrease in the Bank`s loan portfolio in May 2009 was driven by revaluation of the Bank`s foreign currency loans as the Russian Ruble strengthened relative to the US Dollar, as well as by repayment of loans granted earlier.
Corporate customer deposits and accounts exceeded RUB 855 billion, a 19% increase since the beginning of the year.
Over the first five months of 2009, net losses of the Bank amounted to RUB 24.2 billion. During May, the losses were cut by RUB 1.6 billion due to the increase of the Bank`s core income only partly offset by higher provisions for loan impairment. As of 1 June 2009, the volume of provisions for loan impairment was 3.9% of the Bank`s corporate loan portfolio.
The unconsolidated financial statements are only for the Parent Bank, JSC VTB Bank, and are prepared under Russian Accounting Standards.
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