Profits up to $295m at Russian Bank VTB

29 June 2007

VTB Group, Russia's second largest bank, has posted pre-tax profits of $295 million for the first-quarter.

The profits are 13.9 per cent up from the year ago period, with the bank attributing the growth to a buoyant Russian economy.

Meanwhile, other driving factors behind the growth were a 46.2 per cent rise in revenue from trading and a 22 per cent rise in revenue from fees and commissions.

Nikolai Tsekhomsky, chief executive of VTB said: "The results for the beginning of 2007 indicate the further growth of VTB Group and the anticipated positive changes of the structure of the group's earnings.

"Early 2007 results demonstrate a clear trend toward gradual replacement of gains from proprietary activities by interest and commission income, reflecting the ongoing shift from proprietary activities to corporate and retail business.

"We hope that the improved quality of earnings will enable us to meet expectations of our investors."

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