2 Feb 2010 13:43

VTB 24 expects IFRS earnings in 2010 at about 8 bln rubles

MOSCOW. Feb 2 (Interfax) - VTB 24 expects net profit in 2010 will amount to about 8 billion rubles under International Financial Reporting Standards (IFRS), bank CEO Mikhail Zadornov told journalists on Tuesday.

"The IFRS pretax will be 10 billion rubles in 2010, or about 8 billion rubles of net profit," Zadornov said.

The IFRS net profit in 2009 will be somewhat higher than the profit under Russian accounting standards (RAS), he said.

VTB 24 posted a net profit of 4.188 billion rubles in 2009 under RAS, 2.7% less than in 2008. RTS$#&: GUTB

The bank's reserves to Russian accounting standards stood at 8.5% at the start of this year, as did the IFRS 8.5% at the end of 2009, and this is all fully in line with the business plan, Zadornov said. Past-due loans represented 4.1% of the bank's credit portfolio, he said.