Russia’s second largest lender, VTB,
posted its highest ever quarterly net profit of RUB15.3bn ($491.5m)
in the first quarter of 2010, versus a loss of RUB20.5bn in the
comparable period of 2009.
Retail banking pre-tax profit also swung
to a profit RUB6.7bn, from a loss of RUB4.3bn in the first quarter
of 2009.
Go deeper with GlobalData
The bank said its retail deposit market
share was maintained at 5.9%, despite strong competition for retail
deposits.
Retail deposits were up 4% to
RUB493.6bn in the first quarter of 2010, from RUB476.5bn at the end
of December 2009.
A subdued demand for loans in the first
quarter pushed the bank to focus its efforts on “expanding
operations with quality customers”, but consumer loans still edged
4% higher to RUB190.5bn in the first three months of the
year.
The group’s market share in retail
lending also jumped 30 basis points to 10.5%.
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 result comes as VTB announced a
three-year strategy plan to double its annual profits and boost its
retail presence in Russia (VTB sets out
3-year strategy plan).
Andrei Kostin, VTB chairman said: “I am
pleased that the efforts to re-orientate the group towards areas
which can drive profitability are bearing fruit. With the new
strategy announced, I look forward to building on our strong
franchise and delivering solid returns in the future.”
