VTB 24 boosts net profit 14 times in 11M08

RIA NOVOSTI. Bank VTB 24, one of Russia’s largest household banks, managed to bump up its net profit by record 14 times y-o-y to Rub 5.39 bln in January-November 2008 against Rub 380 mln, the lending institution said in a statement. As of November 30, 2008 the bank’s assets totaled Rub 554.49 bln, up 71% YTD (from Rub 323.18 bln), and equity capital came to Rub 58.88 bln, surging 27.6% YTD.

As of November 30, 2008 the lending institution’s capital adequacy ratio came in at 10.5% compared to 11.7% on September 30, 15.5% at the beginning of the year and 16.6% a year earlier (November 30, 2007). The bank’s long-term liquidity reached 99.9% vs. 110.9% in late September, 116% at the beginning of the year and 119.7% on November 30, 2007. The portfolio of the bank’s household loans totaled Rub 422.63 bln, i.e. around 100% higher since the beginning of the year. Balances held on household accounts amounted to Rub 265.27 bln by November 30 (a 52.28% upsurge YTD).

VTB 24 specializes in providing services to households, individual entrepreneurs and SMEs. The bank finds itself in the CBR-rated Top 30 of Russian banks and VTB is its major shareholder (over 96% of securities).