VTB 24’s first-quarter net profit exceeded Rub 4.7 bln. “Net profit is lower than a year ago. I should explain. Unfortunately, for the first time this year we’ve had deviations in IFRS and RAS financial statements," VTB 24 CEO Mikhail Zadornov told journalists, adding that this occurred as CBR’s requirements for uncollateralized loan reserves took effect on March 1. At the same time, VTB 24 reported no changes in reserves against overdue loans under IFRS.
Zadornov complained that the deviation would rise by the end of 2013, saying “FY13 net profit under RAS will be lower than the IFRS indicator by Rub 6—7 bln”. VTB 24’s assets jumped 6% to Rub 1.56 tln in January — March 2013.
