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VTB Group announces its IFRS Results for 6M 2012

September 20, 2012
VTB Group today publishes its Interim Condensed Consolidated Financial Statements as at 30 June 2012 with the Independent Auditors’ Report on Review of these Statements.

Andrey Kostin, VTB President and Chairman of the Management Board, said: “Our core CIB and Retail Banking businesses delivered solid results during the first half of 2012, underscoring the strength of our business model. While market volatility continues to affect the Group’s business, we have stayed focused on improving efficiency, maintaining good asset quality and strengthening our capital base”.

The Group’s core business segments, Retail Banking and Corporate and Investment Banking (CIB), posted a profit before tax of RUB 21.5 billion and RUB 26.8 billion, versus RUB 17.8 billion and RUB 56.8 billion in 1H 2011, respectively.

The expansion of the Group’s loan book, along with management’s focus on optimisation of funding costs, contributed to stronger net interest income during the period. On a quarter-on-quarter basis the Group saw margins increase, with 2Q 2012 net interest margin (NIM) reaching 4.1%, up 30 bps versus 3.8% in 1Q 2012. In 1H 2012 NIM was 4.0% versus 4.8% in 1H 2011.

Retail Banking and Transaction Banking continued to be key drivers of the strong growth in fees and commissions income, contributing RUB 13.8 billion and RUB 8.0 billion (up 68.3% and 29.0% from RUB 8.2 billion and RUB 6.2 billion in 1H 2011), respectively, to the Group’s total net fee and commission income.

The provision charge for impairment of loans and advances to customers reached 1.4% of the average loan portfolio in the first half of 2012, up from 1.1% in the same period last year. In 2Q 2012, the provision charge for impairment of customer loans was 1.0%, reflecting the Group’s stable asset quality.

The Group’s net loss from financial instruments was RUB 1.2 billion in 1H 2012, reflecting substantial volatility and a challenging market environment. In 1H 2011 the net gain from financial instruments was RUB 9.5 billion. The net result arising from foreign currencies was RUB 7.1 billion in 1H 2012 versus RUB 11.4 billion in 1H 2011.

Staff costs and administrative expenses amounted to RUB 87.1 billion in 1H 2012, up 29.4% from RUB 67.3 billion in 1H 2011, primarily due to the consolidation of Bank of Moscow from 3Q 2011 and expansion of the Group’s key businesses.
Company — VTB
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    Bank VTB (PJSC)
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