VTB turns 29.15 bln rubles in RAS net profit in Jan-Aug
MOSCOW. Sept 16 (Interfax) - VTB earned 29.15 billion rubles in net profits calculated to Russian Accounting Standards (RAS) during the period January-August, the bank reported.
VTB turned RAS net profits of 38.385 billion rubles in January-July, meaning that it incurred 9.235 billion rubles in net losses last month.
VTB did not specify the reasons for its August net losses. "We think that the IFRS [International Financial Reporting Standards] report, in which the operating results of all members of the VTB group are presented, is more representational. In light of this, we are not commenting on the bank's operating results according to Russian accounting standards," the bank's press service told Interfax.
VTB made 35.45 billion rubles in Jan-Aug net profits last year.
In 2010 and the first seven months of 2011, VTB did make net profits. The last time the bank incurred net losses was in December of 2009, when they amounted to 3.916 billion rubles.
VTB's equity contracted 1.1% (or by 5.4 billion rubles) in August, and it stood at 468.941 billion rubles on the first of this month. Capital adequacy decreased from 17.01% to 15.95% last month.