5 Aug 2009 19:51

VTB posts loss of 9.7 bln rubles in Jan-July vs. 26.45 bln rubles in H1

MOSCOW. Aug 5 (Interfax) - Russia's VTB posted a net loss of 9.71 billion rubles in January-July 2009 compared to a loss of 26.45 billion rubles in the first half of the year, the bank said in a statement.

The 16.74-billion ruble decline in net losses in July can be attributed to one-time revenue from dividend payments and the recognition of liabilities by the group's subsidiaries to the parent company.

The growth in the bank's income was partially neutralized by an increase in loan provisions, which totaled 5% of its corporate loan portfolio as of August 1, the bank said.

VTB increased assets as calculated to Russian accounting standards (RAS) by 2% to 2.599 trillion rubles in the seven months from 2.551 trillion rubles on January 1.

Deposits by corporate clients grew 52% to 1.092 trillion rubles in the period from 719 billion rubles at the start of 2009.

VTB declined to disclose the size of its loan portfolio. The bank told Interfax later that it would release data on lending in July 2009 separately.