Russia’s VTB bank said it posted “record” net
profit of RUB25.1bn ($813.5m) in the first half of 2010, reversing
a loss of RUB31.5bn in the year-ago period.
The bank said its retail segment “increased
strongly” with a pre-tax profit of RUB11.1bn versus a loss of
RUB4bn in the first half of 2009.
Go deeper with GlobalData
Retail loans stood at RUB441.9bn, up 7% from
RUB 413.2bn in the year-ago period.
VTB’s market share in retail loans reached
10.7% by the end of the first half of 2010, up from 10.2% at the
end of 2009.
Retail deposits jumped 32.7% to RUB551
billion, up from 415.2bn in the year-ago period. Market share
in retail deposits was flat at 6.1%.
VTB24, the retail bank, increased its branch
network to 480 from 476 during the six months to June 2010. The
number of ATMs also ticked 6% higher to 4,272 in the same
period.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe results are in line with VTB’s three-year
strategy, unveiled in May, that aims to double annual profit, grow
its branch network by 40%, and ramp up its cross-sell to three or
four products per person from two products.
The three strategy plan targets net earnings
of RUB120bn by 2013.
Retail banking should account for around 20%
to 25% of assets and net profits by 2013, according to VTB’s
plan.
