VTB maintains 2013 earnings forecast at over 100 bln rubles - Kostin
STRELNA. Sept 5 (Interfax) - VTB continues to expect net profit for full-year 2013 to top 100 billion rubles, bank CEO Andrei Kostin told journalists.
"I have nothing new to tell you. Everything is as it was," he said when asked about the profit forecast.
In July, VTB Deputy CEO Gerbert Moos also said the bank expected net profit in 2013 to top 100 billion rubles. "We have absolute confidence in our financial plans," Moos said, when asked whether the forecast would be revised owing to the decline in first quarter net profit.
VTB's first quarter net profit under IFRS declined 33% to 15.7 billion rubles.
Moos said that VTB's expectations regarding 2013 net profits are linked to its expectations that interest and commission income will grow.
"We also are not planning to set aside such large reserves each quarter," Moos said. The bank reserved 22 billion rubles in Q1. Cost of risk, which increased to 1.6% in Q1, will be down to 1.2%-1.5% for the half, he said.
A potential source for additional reserve money in Q2 could be unsecured retail consumer lending, he said.
