30 Oct 2009 19:41

VTB Georgia reduces assets 11.6% in 9 mths

TBILISI. Oct 30 (Interfax) - VTB Bank's Georgian subsidiary VTB Georgia reduced its assets 11.6% during January-September 2009 to 371.5 million lari, the bank said.

Assets contracted by 0.8% during Q3 2009 and 9.6% in the 12 months to the end of September.

The loan book decreased by 4.4% to 311.7 million lari in the nine months. Loan impairment provisions stood at 36.2 million lari or 11.6% of the loan portfolio.

Liabilities decreased by 13.5% to 392.5 million lari and share capital rose 15% to 32.2 million lari.

The bank closed the nine months with net losses of 13.5 million lari, or 54.5% less than in the same period of last year.

VTB owns 87.05% of the bank, the European Bank for Reconstruction and Development (EBRD) owns 7.57% and Laparka Enterprise Ltd owns 3.01%.

In the first quarter of 2009, VTB Georgia was ranked 328th by assets among the CIS banks and sixth among Georgia's 20 banks, according to the Interfax-1000 ranking prepared by the Interfax Center of Economic Analysis.