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VTB publishes its unconsolidated RAS financial statements for March 2009

3 April 2009

As of 1 April 2009, VTB Bank's assets amounted to RUB 2,723 billion as compared to RUB 2,880 billion posted on 1 March 2009. Against the year-start, the assets have increased 7%.

VTB Bank corporate portfolio amounted to RUB 1,590 billion, which is an 8% increase to the beginning of the year. Corporate customers' accounts and deposits reached RUB 844 billion having increased 17% since the year-start.

The Bank posted RUB 1.99 billion net profit over the first quarter of 2009, against RUB 16.79 billion gained over the first two months of this year. The decreased net profit in March was primarily caused by growing allocations to loan impairment provisions which by 1 April accounted for 2.9% of the Corporate Loan Portfolio (2% as of 1 January).

Another factor affecting the Bank's performance in March was negative revaluation of its position positions because of stronger Ruble to US Dollar. Though the aggregate currency position of the Bank is mostly hedged, with its balance positions being offset by off-balance forward operations to be shown in the Profit and Loss Statement (under RAS) when closed.

The unconsolidated financial statements have been prepared under Russian Accounting Standards only for the Parent Bank, JSC VTB Bank.

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