12 Jan 2010 20:02

VTB net profit will total 28 bln rubles in 2009; 15 bln rubles at subsidiaries

NOVO-OGAREVO. Jan 12 (Interfax) - VTB will post a net profit of 28 billion rubles in 2009, bank chief Andrei Kostin said at a meeting with Prime Minister Vladimir Putin on Tuesday.

"Taking the lead bank, the net profit will be 28 billion rubles," Kostin said.

VTB's subsidiaries (VTB-24 , VTB-Capital and VTB-Northwest) "contributed another 15 billion of net profit," he said.

VTB is optimistic about the coming year, he said.

"We believe that we can restore the bank's profitability to the 2007 level. Overall, we believe this year will be a year of post-crisis development, of moving forward," he said.

The bank's strategy involves focusing core operations on "work with medium business," he said.

"The bank remained a major taxpayer last year. We paid in about 10 billion rubles in taxes alone," Kostin said.