Moscow, December 10, 2007 - VTB, Russia's leading universal banking group, has today announced preliminary consolidated IFRS financial results for 9M2007. Final results for the quarter are to be published on December 21, 2007.
By the end of September 30 2007, the VTB Group's total assets had increased by 41.7% to US$74,255 million. Total gross loan portfolio of the Group grew by 53.3% to US$46,345 million, with loans to individuals increasing by 2.2 times. Net interest income before provisions increased by 46.2% year-on-year to US$1,732 million, and net fee and commission income went up by 56.8% amounting to US$414 million. In the reporting period, operating income of the Group increased by 41.9% to US$2,570 million from US$1,811 million in the first nine months of 2006. Net profit was US$1,051 million for the nine-month period ended September 30, 2007 compared to US $816 million for the same period last year.
Profit and Loss Account (as compared to 9M2006):
Assets and Funding (as compared to December 31, 2006):
Andrey Kostin, President-Chairman of the Management Board:
"We are pleased to announce a set of numbers that show continued out-performance, despite the tough Global market conditions. We are well on track to hit our targets at year end and will face the challenges of 2008 with a solid and stable foundation."
Nikolai Tsekhomsky, Member of the Management Board and CFO:
"Having spent a huge amount of time and effort on the IPO process, our Q3 numbers show that we have not taken our eye off the ball in terms of the core business. We are especially happy that the quality of our earnings has continued to increase, with the majority of the upside year to date coming from net interest income, fees and commissions."
Some of the information in this presentation may contain projections or other forward-looking statements regarding future events or the future financial performance of JSC VTB Bank ("VTB") and its subsidiaries (together with VTB, the "Group"). Such forward-looking statements are based on numerous assumptions regarding the Group`s present and future business strategies and the environment in which the Group will operate in the future. We caution you that these statements are not guarantees of future performance and involve risks, uncertainties and other important factors that we cannot predict with certainty. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecasted in the forward-looking statements. These forward-looking statements speak only as at the date of this presentation and are subject to change without notice. We do not intend to update these statements to make them conform with actual results.