6 Sep 2010 14:47

Vnesheconombank boosts Q1 IFRS earnings 2.7-fold

MOSCOW. Sept 6 (Interfax) - Vnesheconombank (VEB) boosted net profit to International Financial Reporting Standards (IFRS) 2.7-fold year-on-year in Q1 2010.

The state development bank said in a financial report that net profit for the period was 28.42 billion rubles. It was 10.4 billion rubles in the same period of last year.

But VEB has also adjusted earnings for Q1 2009: net profit for Q1 2010 would have been 60% higher than the revised figure of 17.931 billion rubles.

The bank said that a non-market deposit from the Central Bank in March 2009 totaled 7.778 billion rubles. The bank tabulated its 2009 first quarter results with the inclusion of this adjustment.

VEB's pretax profit in the first quarter went up by 66% to 29.524 billion rubles from 17.799 billion rubles posted in the same period of 2009.

Net interest revenue went up by 22.2% year-on-year to 16.11 billion rubles.

VEB's assets came to 1.965 trillion rubles as of March 31, 2010, up 1.35% for the first quarter.

VEB's loan portfolio for the first quarter of 2010 went up by 1.6% year-on-year to 980.215 billion rubles. Portfolio provisions came to 120.905 billion rubles on March 31 (12.3% of the portfolio), compared to 121.16 billion rubles (12.56%) at the start of the year.