MOSCOW, May 22 (RIA Novosti) - Vneshtorgbank (VTB), Russia's state-run foreign trade bank, posted net profits calculated to International Financial Reporting Standards in 2005 of $511 million, representing an almost 150% year-on-year increase.
Shareholders' equity grew 94% to $5.269 billion, while assets more than doubled to $36.723 billion by the end of 2005.
The bank said asset growth was due the development of commercial credit and regional expansion in Russia, including the purchase of 75% plus three shares in Promstroibank Industrial and Construction Bank (RTS ticker: PCBS), and abroad.
VTB's credit portfolio grew 95.9% to $19.925 billion in 2005, while the share of overdue and restructured loans declined to 1.4% from 3.4%.
VTB is Russia's second largest bank by assets. The government holds a 99.9% stake.
