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September 2, 2010

VTB reports record profits

by Richard Kilner

Story link: VTB reports record profits

VTB Group has reported its unaudited results for the first six months of 2010, including a record half-year net profit of RUB25.1 bn.

The result is even more impressive considering it incurred a net loss of RUB31.5bn during the corresponding period last year.

Corporate Banking also saw an improvement, with pre-tax profits rising to RUB18.3bn, with Retail and Investment Banking achieving pre-tax profits of RUB11.1bn and RUB9.7bn respectively.

Net interest income surged up by 23% compared to the same period last year, rising to RUB86.4bn.

Net fee and commission income saw a similar substantial increase, up 22% to RUB11.8bn.

President Andrei Kostin expressed his pleasure at the firm’s record-breaking net profit for the first half of the year.

Russia has seen something of a recovery in the first six months of the year, with inflation declining, but it remains a fragile improvement.


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