5 Jul 2012 14:09

VTB says not planning to boost provisions in 2012

MOSCOW. July 5 (Interfax) - VTB is not planning to boost loan-loss provisions in 2012, the bank's deputy CEO, Herbert Moos, told reporters.

"I don't expect we'll be increasing provisions that much," he said, commenting on financial results for the first quarter.

Provision charges rose to 20.4 billion rubles in Q1 2012, from 7.7 billion rubles in the same period of last year, including 13.8 billion rubles for corporate loans and 6.6 billion rubles for retail loans.

But VTB could increase provisioning if the economic situation deteriorates significantly, Moos said.