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VTB Bank publishes its RAS unconsolidated financial results for July 2008

6 August 2008

Over the first seven months of 2008, VTB assets (under RAS) have grown 22 per cent to RUR 1,831 billion from RUR 1,507 billion. Growth rate in July reached 3 per cent.

July also saw a further increase in extended loans. Over the seven months of the year, their total volume has grown 29 per cent. A similar dynamics can be traced in customer deposits. Since the year-start, customer accounts and customer deposits have grown 31 per cent.

Negative trends and high volatility in stock markets affected the revaluation of the Bank's securities portfolio in July 2008. That month VTB Bank also paid RUR 3,210 million as its profit tax. These factors resulted in a lower profit gained in July 2008 as compared to the previous month.

Profit before taxation in July 2008 amounted to RUR 69 million.

Unconsolidated financial results under the Russian Accounting Standards (RAS) have only been prepared for the Parent Company of the Group - JSC VTB Bank.

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