VTB to unveil H1 IFRS results Oct 21
MOSCOW. Oct 13 (Interfax) - VTB will unveil financial results to International Financial Reporting Standards (IFRS) on October 21, the bank told Interfax.
VTB closed the first half of 2008 with net profit of $679 million to IFRS (16.3 billion rubles at the average exchange rate for the period).
Net losses were 20.5 billion rubles in Q1 2009, due to growth of 49.2 billion rubles in bad loan provisions and a one-off loss of 10.3 billion rubles due to the reclassification of interest swaps as trading instruments.
VTB Chairman Andrei Kostin said late September that he expected the bank to close the year with net losses to IFRS due to the need to bolster provisions for loan impairment.