26 May 2010 12:46

VTB to publish IFRS report for Q1 on June 2

MOSCOW. May 26 (Interfax) - VTB will publish its Q1 financial report to International Financial Reporting Standards (IFRS) on June 2, the bank's press service told Interfax.

The VTB group will be presenting analysts with its development strategy for 2010-2013 on May 27, the bank said.

VTB incurred 20.5 billion rubles in IFRS net losses in Q1 2009.

Delinquent loans in the bank's credit portfolio increased to 9.8% of overall in 2009 as a whole from 7.8% at the end of the third quarter. Provisions covered 95% of non-performing credits.

VTB's deputy president and CEO, Herbert Moos, said at the end of March that the bank planned to turn net profits in Q1 this year. "The beginning of the year was good. I expect there will be net profit at the end of the first quarter," he said, declining to forecast more precisely.

The bank is targeting 50 billion in net profits for 2010. "A significant dispersal of provisions is not built into" this forecast, Moos said. "A combination of investment business with the retail and corporate" will help provide net profits," he said.