VTB Bank posts Q1 IFRS net loss of 20.5 bln rubles, worse than forecast
KYIV. Aug 4 (Interfax) - The VTB Bank closed the first quarter of 2009 with net losses of 20.5 billion rubles to International Financial Reporting Standards (IFRS), the bank said in a press release.
Analysts told Interfax in a consensus forecast that they thought the bank would show losses of 12.7 billion rubles for the quarter.
The bank said provisions for loan impairment grew to 49.2 billion rubles in Q1 2009 from 30 billion rubles in Q4 2008. This was 7.1% of the average loan book in annual terms, compared with 4.8% in Q4.
Past-due and rescheduled loans grew to 4.3% of the portfolio at the end of Q1 2009, from 2.4% at the end of 2008. The coverage ratio fell from 147.6% to 118.3%.
Provisioning will be high throughout the year and could top 8% of total lending by the end of 2009, the bank said, echoing previous guidance.