Russia-based banking group VTB has reported an operating income of $1.5 billion for the first half of 2007, up 14.2% compared to $1.3 billion for the same period in 2006.
The group’s total assets increased by 26.4% to $66.2 billion. The total gross loan portfolio of the group grew by 21.7% to $36.8 billion, with loans to individuals up by 62.1% outperforming market averages. Net interest income before provisions increased by 26.4% year-on-year to $1 billion, and net fee and commission income went up by 65.8%, or $267 million.
Andrei Kostin, president chairman of the management board, said: The first half of 2007 was characterized by rapid change and some significant developments in our business. The completion of our global IPO, the largest yet by a Russian issuer, was a major step in preparing the bank for our future growth plans.
Nikolai Tsekhomsky, member of the management board and CFO, added: The confidence placed in us by domestic and international equity investors has given us a platform for growth that is outstanding in Russia and the CIS. This capital will support our future growth and has already allowed us to accelerate towards our targets. We have already begun to deploy the increased capital in a measured way and are glad to report that the turbulence of the past weeks has had no effect on our ability to fund the business.