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.
