In September, VTB assets (under RAS) increased 7 per cent. Over the first three quarters of 2008, the Bank`s assets have risen 32 per cent to RUR 1,984 bln. from RUR 1,507 bln. These figures reflect the dynamic growth of customer loan portfolio, which has gained 39 per cent over the first nine months of 2008. Since the beginning of the year, the total volume of customer accounts and customer deposits have grown 59 per cent.
As of October 1, 2008, the Bank`s net profit amounted to RUR 7.4 bln. against RUR 16.8 bln. as of September 1, 2008.
These results were primarily caused by negative trends in stock markets and the following reassessment of the Bank`s securities portfolio. It should be noted that currently the Bank`s security investment risk is hedged, with relevant transactions recognized in off-balance accounts. As these off-balance items get closed, security portfolio losses entered into the Bank`s statements will decrease.
These RAS unconsolidated financial results refer to JSC VTB Bank only.