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Vneshtorgbank Group strikes preliminary balance for 2003

 
1 March 2004

According to preliminary estimate, as of 31 December 2003, the Vneshtorgbank Group earned a record pre-tax profit in its history, US$458 million, which is by US$74 million, or by 19%, higher as compared to the year 2002. The Group net profit for 2003 posted a 32% increase to US$345 million as against the prior year. Total assets grew by 60% to US$11.7 billion as of the end of the year 2003.
Customer lending portfolio of the Group was US$5.4 billion (a 60% growth), including US$600 million loans made to small and medium-size businesses.
Besides Vneshtorgbank, the Group comprises Russian Commercial Bank in Zurich, Switzerland; Russian Commercial Bank in Limassol, Cyprus; Donau-Bank AG in Vienna, Austria; East-West United Bank in Luxembourg, and Ost-West Handelsbank in Frankfurt, Germany.


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