MOSCOW, April 24 (RIA Novosti) – VTB Group, Russia’s second largest lender by assets, posted an IFRS net profit of 90.6 billion rubles ($2.9 billion) in 2012, unchanged from the previous year, VTB said on Wednesday.
VTB Group’s 2012 net profit corresponded to earnings per share of 0.817 kopecks and a return on equity (ROE) of 13.7 percent. In the fourth quarter of 2012, VTB posted a record quarterly net profit of 30.4 billion rubles corresponding to an annualized quarterly ROE of 16.8 percent.
“These full year results demonstrate the strength of our core businesses, and in the fourth quarter we delivered record high net profit in VTB’s history. In 2012, we made considerable progress in strengthening capital and optimizing risk in our asset base, thus positioning us well for further profitable growth,” VTB CEO Andrei Kostin was quoted as saying in a statement.
VTB’s net interest income for the year increased by 8.4 percent year-on-year to 246 billion rubles
“The expansion of VTB Group’s loan book, stronger yields on loans in 4Q 2012 and releases of provisions booked on the balance sheet of Bank of Moscow prior to its consolidation into the Group contributed to year-on-year and quarter-on-quarter net interest income growth,” the bank said.
