VTB to publish IFRS financials for 9 mths on Dec 17
MOSCOW. Dec 4 (Interfax) - VTB will publish IFRS financials for January-September on December 17, the bank told Interfax.
VTB posted a net profit of $316 million in the first nine months of 2008 under IFRS. The bank did not provide ruble equivalents, although at the average exchange rate for 2008, 24.04 rubles/$1, the profit equaled 7.6 billion rubles.
The bank posted a net loss of 31.5 billion rubles in the first half of 2009.
The loan portfolio (before deducting reserves) increased 3.0% in the first half to 2.7 trillion rubles. The share of overdue loans rose to 6.2% of the loan portfolio..
VTB added 96.6 billion rubles to loan reserves in the second quarter, 96.3% more than in the first quarter.
VTB chief Andrei Kostin has forecast that the bank will post a net loss in 2009, which he said stemmed from the specifics of international accounting and the fact VTB operates in 15 countries.
The bank expects Russia's economic stabilization to begin improving financial results as soon as the second half of 2009. The bank maintains its forecast that reserves will rise to 8% of the loan portfolio.
VTB was the second biggest Russian bank by assets according to the Interfax-100 list as of the end of the third quarter of 2009.