Despite challenging conditions in the global financial markets, 2008 saw a further dynamic expansion of VTB Bank's business. Total assets increased 69% to RUB 2,552 billion as of 1 January, from RUB 1,507 billion a year earlier.
Aligned with Government policy to provide support to the real economy, VTB continued to increase financing to leading Russian industries. As a result, the Bank's corporate loan portfolio grew 86% to exceed RUB 1470 billion by the year end. Over the same period, corporate customers' deposits rose 24% and reached RUB 719 billion. In December 2008 deposits placed by the Federal Treasury, as part of the liquidity support measures undertaken by the Russian Government, were replaced by Central Bank funds.
In 2008, VTB net profit grew 46% from the previous year to reach RUB 26.3 billion
Nikolay Tsekhomsky, Member of VTB's Management Board, commented, "VTB successfully adjusted to the dynamically changing business environment of 2008, a year which turned to be one of the most challenging in the history of the global financial system. We preserved our position as a backbone bank in the domestic market by providing funds to core Russian industries. Supported by the Russian Government and the Bank of Russia, we are set to further enhance our business activities in 2009".
These preliminary, unauditted,unconsolidated RAS financial results have been prepared for the Parent Company only - JSC VTB Bank.