16 Jul 2009 16:26

VTB to publish Q1 IFRS financials on Aug 3

MOSCOW. July 16 (Interfax) - VTB will publish IFRS financials for the first quarter of 2009 on August 3, the bank told Interfax.

In the first quarter of 2008 VTB posted an IFRS net profit of $121 million.

Bank chief Andrei Kostin said at the AGM on June 29 that VTB would most likely finish 2009 with a net loss.

"There is little chance there won't be a loss," he said, adding that much will depend on the financial market situation.

The percentage of overdue loans has tripled since the beginning of the year, to 6%. The share of restructured loans has been holding at 15% since early April.

Kostin said in early April that the bank assumed its overdue loan rate would rise to 8% in 2009 compared with an industry-wide average of 10%-15%.