Russian banking group VTB made a net
loss of RUB59.6bn ($2bn) in fiscal 2009, due to “inevitably rising
impairments”, which stood at RUB154.7bn, the bank said in a
statement.

But president and chairman Andrei
Kostin said the bank had made significant progress during the year
and was optimistic about 2010 and beyond.

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The bank’s share of retail lending
in Russia rose to 10.2% in 2009, from 8.8% in 2008, with its retail
lending portfolio increasing by 12.5% to RUB435.3bn, “clearly
outperforming the market”, the bank said.

Retail deposits increased 34.6% to
RUB476.5m at the end of 2009 compared to RUB354.1m a year before,
giving the group 6% of the market.

Net fee and commission income also rose significantly, up by
more than a quarter (29%) to RUB21bn, with net interest income also
up 34% at RUB152.2bn.

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