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On VTB Bank’s net profit decline under Russian Accounting Standards

 
15 March 2012

VTB Bank’s RAS net profit decline in January-February 2012 has been caused by the regulator’s one-off actions related to transfer to the new accounting treatment of derivative products.

The decline has no impact on the Group’s IFRS results. The estimated net profit for the first two months of 2012 corresponds to the year-on-year level and to VTB Group’s approved business plan.

RAS-based financial statements are not representative for VTB Group as they do not reflect the results of the entire Group (including dozens of its subsidiaries in Russia and abroad). According to VTB Group’s recent results under IFRS, the Group’s net profit for the first nine months of 2011 amounted to RUB 72.6 billion.

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IFRS

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