5 Aug 2010 14:01

VTB 24 earns 8.26 bln rubles in H1 IFRS net profits

MOSCOW. Aug 5 (Interfax) - According to the initial figures, VTB 24 turned 8.26 billion rubles in net profits to International Financial Reporting Standards (IFRS) in the first half of this year, the bank's president and chairman, Mikhail Zadornov, told reporters on Thursday.

Zadornov said that the bank has not adjusted its IFRS net profit forecast for 2010. "We are not making corrections so far but our financial results will be significantly better than our expectations," he said.

It was earlier reported that the bank hopes to post around 8 billion rubles in net profit in 2010. "There will be 10 billion rubles in pretax IFRS for 2010, or around 8 billion rubles in net profit," Zadornov said in February.

According to VTB 24's development strategy, the bank plans to earn 29 billion rubles in IFRS net profit in 2012.