Analytical consensus

P&L indicators (in RUB, bn)	2Q 2010	6M 2010	FY 2010	FY 2011	FY 2012
Interest income	81,8	166,8	335,1	367,7	420,7
Interest expense	(40,7)	(83,7)	(170,4)	(183,7)	(208,4)
Net interest income(1)	41,1	83,1	164,7	184,0	212,3
Net fee and commission income	6,1	11,2	26,3	34,6	44,4
Net result from financial instruments (2)	0,1	9,1	18,0	18,2	19,3
Other income	1,9	3,0	9,4	9,9	10,6
Operating income before provisions	49,2	106,3	218,4	246,6	286,5
Provision charge for impairment	(14,3)	(30,5)	(65,3)	(45,9)	(47,9)
Operating income after provisions	34,9	75,8	153,1	200,7	238,6
Staff and administrative costs	(22,7)	(45,1)	(89,6)	(102,9)	(117,1)
Profit before taxation	12,2	30,7	63,5	97,8	121,6
Tax	(2,5)	(5,7)	(12,7)	(20,1)	(25,4)
Net profit (2)	9,7	25,0	50,8	77,7	96,2

(1) Before provision for loan impairment
(2) Includes minority interest

Ratios (%)	2Q 2010	6M 2010	FY 2010	FY 2011	FY 2012
ROE (3)	7,6%	9,6%	9,6%	13,2%	14,8%
NIM (4)	5,1%	5,1%	4,8%	4,8%	4,8%
CIR (5)	46,2%	42,4%	41,1%	41,9%	40,9%
Provision charge/Average gross loan portfolio	2,1%	2,3%	2,4%	1,4%	2,0%
NPL ratio (90+ days) (6)	10,6%	10,6%	10,8%	9,5%	7,3%
Allowance for loan impairment / NPLs	96,1%	96,3%	96,2%	98,1%	99,4%

Balance sheet indicators (in RUB, bn)		6M 2010	FY 2010	FY 2011	FY 2012
Total gross loans		2 642	2 853	3 408	4 013
- Corporate loans, gross		2 200	2 355	2 780	3 236
- Retail loans, gross		442	499	628	777
Allowance for loan impairment		-252	-291	-326	-345
Total net loans		2 390	2 562	3 082	3 668
Total assets		3 527	3 841	4 497	5 149
Total deposits		1 642	1 816	2 230	2 700
- Corporate deposits		1 115	1 231	1 489	1 789
- Retail deposits		527	584	741	911
Total liabilities		2 998	3 294	3 881	4 453

* Notes: corporate deposits incl. state deposits
(3) Calculated using net profit and average assets / equity (all including minority interest)
(4) Net interest income divided by average interest earning assets, which include gross loans and advances to customers, due from other banks (gross) and debt securities
(5) Staff costs and administrative expenses divided by operating income before porovisions
(6) Non-performing loans (NPLs) represent impaired loans with repayments overdue by over 90 days. NPLs are calculated including the entire principal and interest payments. Ratio is calculated to total gross loans

The consensus for 6M 2010 and the years 2010-2012 is based on analytical data from 19 investment banks (Alfa Bank, Aton, Bank of America – Merrill Lynch, Bank of Moscow, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, ING, JPMorgan, Morgan Stanley, Renaissance Capital, RMG, Sovlink, TKB Capital, Troika Dialog, UBS, UniCredit, as of August 30, 2010.

The forecasts above have been provided to VTB by contributing investment analysts, and are, as such, publicly available information. The forecasts above are not, in any way, based on VTB proprietary forecasts. They are not endorsed by VTB nor does VTB assume any obligation to revise them to reflect circumstances arising after the date below.

Last updated on: 30 August 2010