VTB Reports Assets of US$ 52 Billion, Up 43%, and Net Profit of US$ 1,179 Million, Up 131%, for 2006
OREANDA-NEWS. On April 10, 2007 VTB today announced the audited consolidated IFRS financial results of the VTB Group for 2006, reported the press-centre of JSC VTB Bank.
2006 was another successful year for VTB Group. VTB believes that growth in major performance indicators alongside further business expansion in Russia and abroad demonstrate the VTB Group’s strengthening position in the Russian banking market. The performance of the retail division, a strategic priority for VTB Group, has continued to show an impressive growth. VTB expects that restructuring of the Group’s European banking operations and the re-branding of the Group, which began and achieved significant milestones in 4Q 2006, will support strong business performance in the long run.
The VTB Group’s consolidated net profit for 2006 amounted to US$1,179 million, up 130.7% from 2005, another all-time high in the Group’s history. This increase was mainly the result of growth in interest income and fee and commission income. Net interest income grew by US$835 million (91.8%), and net fee and commission income grew by US$183 million (108.9%) as compared to 2005. Assets increased to US$52,403 million, up 42.7% from 2005, and net loans and advances to customers increased to US$29,262 million, up 46.9% from 2005, supported by a 56.6% growth in customer deposits.
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