17 Nov 2009 17:04

VTB24 boosts RAS earnings 63% in Oct

MOSCOW. Nov 17 (Interfax) - VTB24 , the VTB group's retail banking arm, closed January-October 2009 with net profit of 1.77 billion rubles to Russian Accounting Standards (RAS), the bank said.

Net profit was 1.084 billion rubles in January-September 2009, so earnings must have grown by 686 million rubles or 63% during October.

Net profit was 5.58 billion rubles in January-October 2008, so it fell 68.3% year-on-year.

Assets grew 14.6% during the ten months to 689.6 billion rubles.

The bank was Russia's sixth largest by assets, according to the Interfax-100 ranking at the end of the third quarter of 2009.

The bank declined to say what drove the profit in October.

The parent bank, VTB, has said its non-consolidated net profit soared 8.9-fold year-on-year in the ten months to 23.439 billion rubles due to higher operating income and the dissolution of loan provisions.